SECTION 83.6002. Definitions

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Words and terms used in this division that are defined in Texas Finance Code, Chapter 393 have the same meanings as defined in Chapter 393. The following words and terms, when used in this division, will have the following meanings, unless the context clearly indicates otherwise.
(1) Credit access business--has the meaning assigned by Texas Finance Code, §393.221(1). Credit access businesses ("CABs") are organized as credit services organizations ("CSOs") under Chapter 393. After providing the full terminology followed by the acronym, a credit access business may refer to itself using the following acronyms: "CAB" or "CSO."
(2) Deferred presentment transaction--has the meaning assigned by Texas Finance Code, §393.221(2). Another name for a "deferred presentment transaction" is a "payday loan," and these terms may be used synonymously.
(3) Motor vehicle title loan--has the meaning assigned by Texas Finance Code, §393.221(3). Another name for a "motor vehicle title loan" is an "auto title loan," and these terms may be used synonymously.

Source Note: The provisions of this §83.6002 adopted to be effective January 5, 2012, 36 TexReg 9294

                    
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