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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS |
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Subtitle B. LOANS AND FINANCED TRANSACTIONS |
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Chapter 342. CONSUMER LOANS |
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Subchapter A. GENERAL PROVISIONS; APPLICABILITY OF CHAPTER |
Sec. 342.001. DEFINITIONS
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In this chapter:
(1) "Irregular transaction" means a loan:
(A) that is payable in installments that are not consecutive, monthly, and substantially equal in amount; or
(B) the first scheduled installment of which is due later than one month and 15 days after the date of the loan.
(2) "Regular transaction" means a loan:
(A) that is payable in installments that are consecutive, monthly, and substantially equal in amount; and
(B) the first scheduled installment of which is due within one month and 15 days after the date of the loan.
(3) "Regulated loan license" means a consumer loan license.
(4) "Secondary mortgage loan" means a loan that is:
(A) secured in whole or in part by an interest, including a lien or security interest, in real property that is:
(i) improved by a dwelling designed for occupancy by four or fewer families; and
(ii) subject to one or more liens, security interests, prior mortgages, or deeds of trust; and
(B) not to be repaid before the 91st day after the date of the loan.