| (a) Purpose. The purpose of this subchapter is to assist
in the administration and enforcement of Texas Finance Code, Chapter
342.
(b) Scope.
(1) This subchapter applies to all persons engaged
in the business of making, transacting, or negotiating loans subject
to Texas Finance Code, Chapter 342. As such, this subchapter only
applies to lenders and brokers in the business of making, transacting,
or negotiating loans that:
(A) contract for, charge, or receive interest in excess
of 10% per year;
(B) are loans extended primarily for personal, family,
or household use to a person located in Texas at the time the loan
is made; and
(C) are either:
(i) unsecured;
(ii) secured under a secondary mortgage loan; or
(iii) secured by personal property.
(2) This subchapter applies to term loans extended
primarily for personal, family, or household purposes.
(3) This subchapter also applies to a loan broker who
arranges, negotiates, or brokers loans for a lender that funds the
loan. This subchapter does not apply to any loans made under Texas
Finance Code, Chapters 301 - 308 or Chapter 339, including commercial
and agricultural loans.
|
| Source Note: The provisions of this §83.101 adopted to be effective January 4, 2007, 31 TexReg 10761; amended to be effective November 4, 2010, 35 TexReg 9698; amended to be effective July 10, 2014, 39 TexReg 8142; amended to be effective May 12, 2022, 47 TexReg 2738 |
