General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature Page: 563
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THE TEXAS REGULATORY LOAN ACT
and the several members, officers, directors, agents and employees thereof
who shall have violated or participated in such violation shall be guilty
of a misdemeanor and upon conviction thereof shall be punishable by a
fine of not more than One Thousand Dollars ($1,000) and not less than One
Hundred Dollars ($100) or by confinement in the county jail for not more
than six (6) months, or by both such fine and confinement.
(10) If any amount in excess of the authorized charges permitted by
this Act is charged, contracted for, or received by the licensee and the
several members, officers, directors, agents, and employees thereof who
shall have violated or participated in such violation shall be jointly and
severally liable for reasonable attorneys fees incurred by the borrower
in enforcing any of the provisions of this Act.
(b) On loans of One Hundred Dollars ($100) or less, a licensee may
charge, in lieu of charges specified in Section 17(a) (1) of this Act, the
following amounts:
(1) On any amount up to and including Nineteen Dollars ($19) a
charge may be added at the ratio of One Dollar ($1) for each Five Dollars
($5) of cash or credit advanced to the borrower and such advance of cash
or credit shall be for a period of one (1) month only.
(2) On any cash advance in an amount in excess of Nineteen Dollars
($19) up to and including the amount of Thirty-five Dollars ($35) there
shall be allowed an acquisition charge for making the advance not in
excess of one-tenth (1/10th) of the amount of the cash advance. In addi-
tion thereto, an installment account handling charge shall be allowed not
to exceed Three Dollars ($3) per month and such advance of cash or credit
shall be for a period of either one (1) or two (2) months.
(3) On any cash advance of an amount in excess of Thirty-five Dollars
($35) but not more than Seventy Dollars ($70) there shall be allowed an
acquisition charge for making the advance not in excess of one-tenth
(1/10th) of the amount of the cash advance. In addition thereto, an in-
stallment account handling charge shall be allowed not to exceed Three
Dollars Fifty Cents ($3.50) per month and such advance of cash or credit
shall be for a period of not less than one (1) month nor more than four (4)
months.
(4) On any cash advance of an amount in excess of Seventy Dollars
($70) but not in excess of One Hundred Dollars ($100) there shall be
allowed an acquisition charge for making the advance not in excess of one-
tenth (1/10th) of the amount of the cash advance. In addition thereto, an
installment account handling charge shall be allowed not to exceed Four
Dollars ($4) per month, and such contract of loan shall not contain a
maturity date of less than one (1) month nor more than six (6) months.
(5) On such loans under this subsection, no insurance premium charges
or any other charges of any nature whatsoever shall be permitted.
(6) The acquisition charge authorized herein shall be deemed to be
earned at the time a loan is made and shall not be subject to refund. On
the prepayment of any loan under this subsection the installment account
handling charge shall be subject to the provisions of subsection (a) herein
as it relates to refunds. Provisions of subsection (a) herein relating to
default charges on loans and the extension of loans shall apply to loans
made under this subsection.
Insurance
Sec. 18. (a) A licensee may require, as additional security for any
loan in excess of One Hundred Dollars ($100), credit life insurance and
credit health and accident insurance on a borrower under a group or in-
dividual policy subject to the following:
(1) The premium or identifiable charge collected from the borrower
for such insurance shall not exceed an amount equal to the maximum pre-
Tex.Sess.L. '63 Bd.Vol.-57 563Ch. 205
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature, legislative document, 1963; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221759/m1/899/?q=+date%3A1945-1972&rotate=90: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.