Texas Finance Code

§ 371.306 — PENALTY FOR CERTAIN VIOLATIONS

FI § 371.306Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part C. PAWNSHOPS · Ch. 371. PAWNSHOPS · Art. G. ENFORCEMENT; PENALTIES

Statute text

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(a)A pawnbroker who contracts for, charges, or collects a pawn service charge that is greater than the amount authorized by this chapter or otherwise violates this chapter:

(1)is liable for twice the amount of the pawn service charge contracted for; and

(2)shall return the goods pledged in connection with the pawn transaction on request of the pledgor and payment of the balance due.

(b)A pawnbroker who contracts for, charges, or collects a pawn service charge that is greater than twice the amount authorized by this chapter:

(1)is not entitled to collect any amount on the pawn transaction; and

(2)shall return the goods pledged in connection with the pawn transaction on request of the pledgor.

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Legislative history

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