Sec. 342.252. ALTERNATE CHARGES. (a) Instead of the charges authorized by Section 342.201, a loan contract may provide for:
(1) on a cash advance of less than $30, an acquisition charge that is not more than $1 for each $5 of the cash advance;
(2) on a cash advance equal to or more than $30 but not more than $100:
(A) an acquisition charge that is not more than the amount equal to one-tenth of the amount of the cash advance; and
(B) an installment account handling charge that is not more than:
(i) $3 a month if the cash advance is not more than $35;
(ii) $3.50 a month if the cash advance is more than $35 but not more than $70; or
(iii) $4 a month if the cash advance is more than $70; or
(3) on a cash advance of more than $100:
(A) an acquisition charge that is not more than $10; and
(B) an installment account handling charge that is not more than the ratio of $4 a month for each $100 of cash advance.
(b) For an acquisition charge authorized by this subchapter, the finance commission by rule may prescribe a reasonable maximum amount for an acquisition charge that is greater than the maximum amount authorized by the applicable section of this subchapter for the amount of the cash advance.
(c) An acquisition charge under this subchapter is not interest.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 784 (S.B. 1251), Sec. 4, eff. September 1, 2013.
Section: Previous 342.201 342.202 342.203 342.204 342.205 342.206 342.251 342.252 342.253 342.254 342.255 342.256 342.257 342.258 342.259 NextLast modified: September 28, 2016