§ 342.001 — DEFINITIONS.

Texas § 342.001

• Jurisdiction: Texas
• Code FI: Finance Code

Text

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.

Legislative History

Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999; Acts 1999, 76th Leg., ch. 909, Sec. 2.04, eff. Sept. 1, 1999.