Status: Legal (7 Tex. Admin. Code § 83.604; 4 Tex. Fin. Code §§ 342.251 et seq. and §§ 342.601 et seq.)
Maximum loan amount: Not specified
Loan tenure: 7-31 days
Fees and finance charges: May not exceed rates authorized in Tex. Fin. Code §§ 342.251-342.259. 7 Tex. Admin Code § 83.604; maximum APRs for payday loans range from 83.43% for a 30-day $350 loan to 569.92% for a 7-day $100 loan.
Finance charge on a 14-day $100 loan: $11.87
APR on 14-day $100 loan: 309.47%
Collection fees: Not specified
Criminal procedures: Not specified
Maximum no. of outstanding loans at a time: Not Specified ($500 overall outstanding to all licensees)
Rollovers allowed: None
Regulator: Texas Office of Consumer Credit Commissioner
Disclaimer: The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.
The debt settlement program typically lasts between 6 months to 4 years time.
At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest;
Savings a customer realizes from use of a debt-relief service may be taxable income.
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