TX HB768

Limits payday loans (single-payment deferred presentment transactions) to 20% of a consumer's gross monthly income, restricts refinancing to three times with each payment requiring at least 25% principal reduction, and caps installment payday loans at four payments with no refinancing allowed

Caps auto title loans at the lesser of 3% of gross annual income or 70% of vehicle retail value, with single-payment title loans limited to three refinances and installment title loans prohibited from refinancing

Requires credit access businesses to verify consumer income through documentation such as pay stubs, bank statements, W-2 forms, or tax returns before issuing loans

Mandates written disclosures be provided in English and Spanish, read aloud to consumers who cannot read, and include references to nonprofit financial assistance agencies

Prohibits transfer or assignment of credit access business licenses, establishes that each day of a continuing violation constitutes a separate criminal offense, and preserves municipal authority to impose more stringent regulations on these businesses