Texas State Information

Legal Status: Legal (Through Credit Access Business loophole that allows very high interest rates.)

5 Tex. Fin. Code §§ 393 et seq.,  4 Tex. Fin. Code §§ 342.004

Loan Terms:
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%.

Debt Limits:
Maximum Number of Outstanding Loans at One Time:
Rollovers Permitted: 
Cooling-off Period:
Repayment Plan:

Collection Limits:
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
Regulator Website

CFPB Link Button