Texas Finance Code 342.005 – Applicability of Chapter
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Finance Code 342.005
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Year: means 12 consecutive months. See Texas Government Code 311.005
Except as provided by Sections 302.001(d) and 342.004(c), a loan is subject to this chapter if the loan:
(1) provides for interest in excess of 10 percent a year;
(2) is extended primarily for personal, family, or household use to a person who is located in this state at the time the loan is made;
(3) is made by a person engaged in the business of making, arranging, or negotiating those types of loans; and
(4) either:
(A) is not secured by a lien on real property; or
(B) is described by § 342.001(4), 342.301, or 342.456 and is predominantly payable in monthly installments.