Texas Finance Code

§ 342.508 — MAXIMUM LOAN TERM

FI § 342.508Title 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 lender may not enter a loan contract under Section 342.201(a) or Section 342.201(e) under which the borrower agrees to make a scheduled payment of principal more than:

(1)37 calendar months after the date on which the contract is made, if the contract is for a cash advance of $1,500 or less;

(2)49 calendar months after the date on which the contract is made, if the contract is for a cash advance of more than $1,500 but not more than $3,000; or

(3)60 months after the date on which the contract is made, if the contract is for a cash advance of more than $3,000.

Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 916, Sec. 6, eff. Sept. 1, 2001.