What does regulated loan license mean in Texas?
What does regulated loan license mean in Texas?
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(3) “Regulated loan license” means a consumer loan license. (4) “Secondary mortgage loan” means a loan that is: (A) secured in whole or in part by an interest, including a lien or security interest, in real property that is:
What does Chapter 342.consumer loans-Texas mean?
TITLE 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS SUBTITLE B. LOANS AND FINANCED TRANSACTIONS CHAPTER 342. CONSUMER LOANS SUBCHAPTER A. GENERAL PROVISIONS; APPLICABILITY OF CHAPTER Sec. 342.001. DEFINITIONS. In this chapter: (1) “Irregular transaction” means a loan:
What does irregular transaction mean in Texas finance code?
In this chapter: (1) “Irregular transaction” means a loan: (A) that is payable in installments that are not consecutive, monthly, and substantially equal in amount; or (B) the first scheduled installment of which is due later than one month and 15 days after the date of the loan.
When was delinquency charge added to consumer loans?
(c) A loan described by Section 302.001(d) may provide for a delinquency charge as provided by that section without being subject to this chapter or any other provision of this subtitle. Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.
What does irregular transaction mean in chapter 342?
SUBCHAPTER A. GENERAL PROVISIONS; APPLICABILITY OF CHAPTER Sec. 342.001. DEFINITIONS. In this chapter: (1) “Irregular transaction” means a loan: (A) that is payable in installments that are not consecutive, monthly, and substantially equal in amount; or
What is the consumer loan subchapter of chapter 342?
CHAPTER 342. CONSUMER LOANS SUBCHAPTER A. GENERAL PROVISIONS; APPLICABILITY OF CHAPTER Sec. 342.001. DEFINITIONS.
(c) A loan described by Section 302.001(d) may provide for a delinquency charge as provided by that section without being subject to this chapter or any other provision of this subtitle. Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.
How is earned finance charge calculated in Texas?
The earned finance charge is computed by multiplying the daily rate by the number of days the principal balance is outstanding. (c) For the purposes of Subsections (a) and (b), the daily rate is 1/365th of the equivalent contract rate.