Legal Status: Legal (Credit Access Businesses)
5 Tex. Fin. Code §§ 393 et seq., 4 Tex. Fin. Code §§ 342.004
Maximum Loan Amount: Not specified
Loan Term: Up to 180 days for CAB agreement
Maximum Finance Rate and Fees: No cap on Credit Access Business fees. Lender interest capped at 10%.
Finance Charge for 14-day $100 loan: No cap.
APR for 14-day $100 loan: No cap. Regulator reports average cost 410%.
Maximum Number of Outstanding Loans at One Time:
Collection Fees: Late charge greater of 5% of payment or $7.50. Filing fees and $30NSF fees.
Criminal Action: Prohibited unless fraud or forgery.
Where to Complain, Get Information:
Regulator: Texas Office of Consumer Credit Commissioner
Address: 2601 N. Lamar Blvd., Austin, TX 78705
Phone: (512) 936-7600
Sourced from paydayloaninfo.org