Texas State Information
Legal Status: Legal (Credit Access Businesses)
- - 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: Not Specified
- - Rollovers Permitted: Not Specified
- - Cooling-off Period: Not Specified
- - Repayment Plan: Not Specified
- - 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
These Texas payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Texas government without prior notice.