Sec. 342.508. MAXIMUM LOAN TERM. A lender may not enter a loan contract under Section 342.201(a) or Section 342.201(e) under which the borrower agrees to make a scheduled payment of principal more than:
(1) 37 calendar months after the date on which the contract is made, if the contract is for a cash advance of $1,500 or less;
(2) 49 calendar months after the date on which the contract is made, if the contract is for a cash advance of more than $1,500 but not more than $3,000; or
(3) 60 months after the date on which the contract is made, if the contract is for a cash advance of more than $3,000.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 916, Sec. 6, eff. Sept. 1, 2001.
Last modified: September 28, 2016