Texas Finance Code

§ 345.062 — ACCELERATION OF DEBT MATURITY

FI § 345.062Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 345. RETAIL INSTALLMENT SALES · Art. B. RETAIL INSTALLMENT CONTRACT

Statute text

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A retail installment contract or retail charge agreement may not authorize the holder to accelerate the maturity of all or a part of the amount owed under the contract or agreement unless:

(1)the retail buyer is in default in the performance of any of the buyer's obligations; or

(2)the holder believes in good faith that the prospect of the buyer's payment or performance is impaired.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.