Sec. 342.001. DEFINITIONS. 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.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.