Texas Finance Code 371.160 – Maturity Date; Memorandum of Extension
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(a) A pawnbroker may not enter a pawn transaction that has a maturity date later than one month after the date of the transaction.
(b) The pledgor and the pawnbroker by written agreement may change the maturity date of a pawn transaction to a subsequent date.
Terms Used In Texas Finance Code 371.160
- Month: means a calendar month. See Texas Government Code 312.011
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) The written agreement must clearly set out:
(1) the new redemption date; and
(2) the amount of any additional pawn service charge.
(d) The pawnbroker must provide a copy of the written agreement to the pledgor.