Texas Finance Code 342.508 – Maximum Loan Term
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Terms Used In Texas Finance Code 342.508
- Contract: A legal written agreement that becomes binding when signed.
A lender may not enter a loan contract under § 342.201(a) or § 342.201(e) under which the borrower agrees to make a scheduled payment of principal more than:
(1) 37 calendar months after the date on which the contract is made, if the contract is for a cash advance of $1,500 or less;
(2) 49 calendar months after the date on which the contract is made, if the contract is for a cash advance of more than $1,500 but not more than $3,000; or
(3) 60 months after the date on which the contract is made, if the contract is for a cash advance of more than $3,000.