Texas Finance Code

§ 342.503 — SECURITY FOR LOAN

FI § 342.503Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 342. CONSUMER LOANS · Art. K. LIMITATIONS ON AUTHORIZED LENDER

Statute text

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(a)A lender may not take as security for a loan made under this chapter an assignment of wages.

(b)A lender may not take as security for a loan made under Subchapter E or F a lien on real property other than a lien created by law on the recording of an abstract of judgment.

(c)A lender may take as security for a loan made under Subchapter E or F an assignment of:

(1)a warrant drawn against a state fund; or

(2)a claim against a state fund or a state agency.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.