Texas Finance Code

§ 371.160 — MATURITY DATE; MEMORANDUM OF EXTENSION

FI § 371.160Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part C. PAWNSHOPS · Ch. 371. PAWNSHOPS · Art. D. OPERATION OF PAWNSHOPS

Statute text

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(a)A pawnbroker may not enter a pawn transaction that has a maturity date later than one month after the date of the transaction.

(b)The pledgor and the pawnbroker by written agreement may change the maturity date of a pawn transaction to a subsequent date.

(c)The written agreement must clearly set out:

(1)the new redemption date; and

(2)the amount of any additional pawn service charge.

(d)The pawnbroker must provide a copy of the written agreement to the pledgor.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.