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Texas payday loans

Date: Tue, 03/10/2009 - 10:17

Submitted by anonymous
on Tue, 03/10/2009 - 10:17

Posts: 202330 Credits: [Donate]

Total Replies: 7


Are payday loans illegal in texas?


They are legal.
Quote:


Texas State Information

Legal Status: Legal

Citation:
7 Tex. Admin. Code ?? 1.605; Tex. Fin. Code Ann. ???? 342.251 et seq. and 342.601 et seq.

Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
APR for 14-day $100 loan: 309%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Texas Office of Consumer Credit Commissioner
Address: 2601 N. Lamar Blvd. Austin TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610


lrhall41

Submitted by mobile0311 on Tue, 03/10/2009 - 10:19

( Posts: 1817 | Credits: )