Legal Question in Consumer Law in Texas
Cash Advance Business
There have been several companies that have begun business in the last few years offering a cash advance service. This service advances money, less a fee ranging from 11% - 18%, based upon a check written by the consumer. The check is held for up to two weeks and is then deposited into the company's account, which settles the consumer's debt. What are the applicable laws concerning this type of business in the state of Texas, and would this be considered usury?
Asked on 7/22/01, 7:36 pm
1 Answer from Attorneys
Donovan Hutchins
Mason, Coplen, Shuchart, Hutchins & Banks, P.C.
Re: Cash Advance Business
This practice might be considered usury, depending upon the actual annual rate of "interest" or fees, as an annual percentage of the amount advanced to the consumer. Call me at 713-785-5595.
Answered on 7/30/01, 9:14 pm
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