Maximum Loan Term

Sec. 342.508. MAXIMUM LOAN TERM. A lender may not enter a loan contract under Section 342.201(a) or Section 342.201(e) under which the borrower agrees to make a scheduled payment of principal more than: (1) 37 calendar months after the date on which the contract is made, if the contract is for a cash advance of $1,500 or less; (2) 49 calendar months after the date on which the contract is made, if the contract is for a cash advance of more than $1,500 but not more than $3,000; or (3) 60 months after the date on which the contract is made, if the contract is for a cash advance of more than $3,000. Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 916, Sec. 6, eff. Sept. 1, 2001. SUBCHAPTER L. ADMINISTRATION OF CHAPTER