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Hometown Lenders offers a diverse and comprehensive line of loan products. hometown lenders is licensed under the laws of the State of Texas and by state .
Regulated Lenders. Non-depository lenders who engage in making, transacting, or collecting loans with a rate of interest greater than 10% must be licensed by the OCCC. The most common types of regulated loans are made under one of two rate structures described in Chapter 342 of the texas finance code.
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In Texas, the payday loan storefront acts as a broker between the borrower and an out-of-state bank. Texas laws prevent borrowers from paying more than 10 percent to the third party, but a loophole.
With help from TechCrunch, the leak was traced back to Ascension, a data and analytics company for the financial industry, based in Fort Worth, Texas. notification laws. From our review, it was.
(b) A license holder who held a license under the texas regulatory loan act and was issued a license to make loans under that chapter as provided by Section 4, Chapter 274, Acts of the 60th Legislature, Regular Session, 1967, shall maintain for the office for which that license is held net assets of at least $15,000 that are used or readily available for use in conducting the business of that office.
Interest Rate Laws in the State of Texas The state of Texas has consumer protection laws that limit the amount of interest creditors can charge for certain types of loans. These legal limitations are intended to prevent the practice of usury, which is the charging of excessive interest and fees on loans made to consumers and businesses.
These laws can apply to any car loan situation in the state or any other instance where a creditor gives a debtor a loan and takes an interest in the property. Right to Redeem If a debtor has her car or property repossessed in Texas, the law allows her to redeem the property.
(b) If a commercial loan is paid in full before the end of the stated term of the loan and the amount of interest received for the period that the loan exists exceeds the amount that produces the maximum rate authorized by law for that period, the lender shall: (1) refund the amount of the excess to the borrower; or