Maturity Date; Memorandum of Extension

Sec. 371.160. MATURITY DATE; MEMORANDUM OF EXTENSION. (a) A pawnbroker may not enter a pawn transaction that has a maturity date later than one month after the date of the transaction. (b) The pledgor and the pawnbroker by written agreement may change the maturity date of a pawn transaction to a subsequent date. (c) The written agreement must clearly set out: (1) the new redemption date; and (2) the amount of any additional pawn service charge. (d) The pawnbroker must provide a copy of the written agreement to the pledgor. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.