Texas Finance Code

§ 371.003 — DEFINITIONS

FI § 371.003Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part C. PAWNSHOPS · Ch. 371. PAWNSHOPS · Art. A. GENERAL PROVISIONS

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In this chapter:

(1)"Applicable liabilities" include trade or other accounts payable; accrued sales, income, or other taxes; accrued expenses; and notes or other payables that are unsecured or secured in whole or part by current assets. The term does not include a liability secured by assets other than current assets.

(2)"Commissioner" means the consumer credit commissioner.

(3)"Current assets" include an investment made in cash, bank deposits, merchandise inventory, and loans due from customers, excluding the pawn service charge. The term does not include an investment made in:

(A)fixed assets of real estate, furniture, fixtures, or equipment;

(B)stocks, bonds, or other securities; or

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Legislative history

Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 64, eff. September 1, 2019.