Definitions

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. 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.