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Texas Finance Code - FIN § 342.604. Military Borrower

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A lender may not engage in collection activity against a borrower who is:

(1) a member of the armed forces of the United States who is deployed to combat or a combat support posting, for the duration of the posting;

(2) a member of the Texas National Guard who is called to federal active duty, for the duration of the duty;

(3) the spouse of a person described by Subdivision (1), for the duration of the posting;  or

(4) the spouse of a person described by Subdivision (2), for the duration of the duty.

(b) A lender may not garnish the wages of a borrower who is a member of the United States military or the member's spouse.

(c) A lender who engages in a deferred presentment transaction with a member of the United States military or a dependent of a member of the United States military must comply with 10 U.S.C. Section 987 and any regulations adopted under that law, to the extent applicable.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 342.604. Military Borrower - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-342-604/

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