Sec. 393.221. DEFINITIONS. In this subchapter: (1) "Credit access business" means a credit services organization that obtains for a consumer or assists a consumer in obtaining an extension of consumer credit in the form of a deferred presentment transaction or a motor vehicle title loan. (2) "Deferred presentment transaction" has the meaning assigned by Section 341.001 . For purposes of this chapter, this definition does not preclude repayment in more than one installment. The term is also referred to as a payday loan. (3) "Motor vehicle title loan" or "auto title loan" means a loan in which an unencumbered motor vehicle is given as security for the loan. The term does not include a retail installment transaction under Chapter 348 or another loan made to finance the purchase of a motor vehicle.
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