Texas Finance Code

§ 393.602 — APPLICABILITY

FI § 393.602Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 393. CREDIT SERVICES ORGANIZATIONS · Art. G. LICENSING AND REGULATION OF CERTAIN CREDIT SERVICES ORGANIZATIONS

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(a)This subchapter applies only to a credit services organization that, with respect to a consumer who is located in this state at the time of the transaction, obtains for a consumer or assists a consumer in obtaining an extension of consumer credit in the form of:

(1)a deferred presentment transaction; or

(2)a motor vehicle title loan.

(b)A credit access business may assess fees for its services as agreed to between the parties. A credit access business fee may be calculated daily, biweekly, monthly, or on another periodic basis. A credit access business is permitted to charge amounts allowed by other laws, as applicable. A fee may not be charged unless it is disclosed.

(c)A person may not use a device, subterfuge, or pretense to evade the application of this subchapter. A lawful transaction governed under another statute, including Title 1, Business & Commerce Code, does not violate this subsection and may not be considered a device, subterfuge, or pretense to evade the application of this subchapter. Added by Acts 2011, 82nd Leg., R.S., Ch. 1302 (H.B. 2594), Sec. 2, eff. January 1, 2012. Amended by:

Legislative history

Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 82, eff. September 1, 2019.