MATURITY DATE; MEMORANDUM OF EXTENSION
Known as the Texas Pawnshop Act
The act spans §§ 371.001 to 371.306 (95 sections).
Applied in 1 court decision — leading case CASH AMERICA ADVANCE, INC. v. Prado (2008)
Most recently applied in CASH AMERICA ADVANCE, INC. v. Prado (September 2008)
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
(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.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.