Texas Finance Code

§ 342.602 — DISCLOSURES TO MILITARY BORROWERS

FI § 342.602Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 342. CONSUMER LOANS · Art. M. DEFERRED PRESENTMENT TRANSACTIONS

Statute text

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Before engaging in a deferred presentment transaction, a lender shall provide to a customer who is a member of the United States military or the member's spouse a written statement that clearly and conspicuously states that:

(1)the lender is prohibited by law from:

(A)garnishing the wages of any borrower, including a borrower who is a member of the United States military;

(B)conducting any collection activity against a borrower who is:

(i)a member of the armed forces of the United States who is deployed to combat or a combat support posting, for the duration of the posting;

(ii)a member of the Texas National Guard who is called to federal active duty, for the duration of the duty;

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Legislative history

Added by Acts 2005, 79th Leg., Ch. 394 (S.B. 1479), Sec. 1, eff. September 1, 2005.