Texas § 342.602 DISCLOSURES TO MILITARY BORROWERS.

Texas Statutes

§ 342.602 — DISCLOSURES TO MILITARY BORROWERS.

Texas § 342.602

Code FIFinance Code

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Bluebook

Tex. Finance Code Code Ann. § 342.602 (2026).

Text

Sec. 342.602. DISCLOSURES TO MILITARY BORROWERS. Before engaging in a deferred presentment transaction, a lender shall provide to a customer who is a member of the United States military or the member's spouse a written statement that clearly and conspicuously states that:

(1)the lender is prohibited by law from:

(A)garnishing the wages of any borrower, including a borrower who is a member of the United States military;

(B)conducting any collection activity against a borrower who is:

(i)a member of the armed forces of the United States who is deployed to combat or a combat support posting, for the duration of the posting;

(ii)a member of the Texas National Guard who is called to federal active duty, for the duration of the duty;

(iii)the spouse of a person described by Paragraph (i),

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Sec. 342.602. DISCLOSURES TO MILITARY BORROWERS. Before engaging in a deferred presentment transaction, a lender shall provide to a customer who is a member of the United States military or the member's spouse a written statement that clearly and conspicuously states that:
(1) the lender is prohibited by law from:
(A) garnishing the wages of any borrower, including a borrower who is a member of the United States military;
(B) conducting any collection activity against a borrower who is:
(i) a member of the armed forces of the United States who is deployed to combat or a combat support posting, for the duration of the posting;
(ii) a member of the Texas National Guard who is called to federal active duty, for the duration of the duty;
(iii) the spouse of a person described by Paragraph (i), for the duration of the posting; or
(iv) the spouse of a person described by Paragraph (ii), for the duration of the duty; or
(C) from contacting the employer of a member of the United States military about a deferred presentment debt of the member or the member's spouse;
(2) the lender shall honor the terms of a repayment agreement entered into with a member of the United States military or the member's spouse, including a repayment agreement negotiated through military counselors or third-party credit counselors; and
(3) the lender shall honor any statement made by a commanding officer of a member of the United States military declaring any location where deferred presentment transaction business is to be conducted by the lender to be a place at which a member of the United States military or the member's spouse is prohibited from transacting business.