Texas State Information
Legal
Citation:
7 Tex. Admin. Code § 83.604; 4 Tex. Fin. Code §§ 342.251 et seq. and §§ 342.601 et seq.
Loan Terms:
Maximum Loan Amount: Not specified
Loan Term: 7-31 days
Maximum Finance Rate and Fees: May not exceed rates authorized in Tex. Fin. Code §§ 342.251-342.259. 7 Tex. Admin Code § 83.604 provides a chart stating that maximum APRs for payday loans range from 83.43% for a 30-day, $350 loan to 569.92% for a 7-day, $100 loan.
Finance Charge for 14-day $100 loan: $11.87
APR for 14-day $100 loan: 309.47%
Debt Limits:
Citation:
7 Tex. Admin. Code § 83.604; 4 Tex. Fin. Code §§ 342.251 et seq. and §§ 342.601 et seq.
Loan Terms:
Maximum Loan Amount: Not specified
Loan Term: 7-31 days
Maximum Finance Rate and Fees: May not exceed rates authorized in Tex. Fin. Code §§ 342.251-342.259. 7 Tex. Admin Code § 83.604 provides a chart stating that maximum APRs for payday loans range from 83.43% for a 30-day, $350 loan to 569.92% for a 7-day, $100 loan.
Finance Charge for 14-day $100 loan: $11.87
APR for 14-day $100 loan: 309.47%
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:
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:
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
Address: 2601 N. Lamar Blvd., Austin, TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610