Texas Business & Commerce Code

§ 92.055 — RESTRICTIONS ON LATE CHARGES AND REINSTATEMENT FEES

BC § 92.055Title 5. REGULATION OF BUSINESSES AND SERVICES · Part B. RENTAL PRACTICES · Ch. 92. RENTAL-PURCHASE AGREEMENTS · Art. B. FORM AND CONTENT OF AGREEMENTS

Statute text

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(a)Only one late charge or reinstatement fee may be collected on a payment regardless of the period during which the payment remains in default.

(b)A rental-purchase agreement may require the consumer to pay a late charge or reinstatement fee only if:

(1)a periodic payment is delinquent for more than:

(A)seven days, if the payment is due monthly; or

(B)three days, if the payment is due more frequently than monthly; and

(2)the charge or fee is in an amount not less than $5 and not more than the lesser of:

…

Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.