Texas Finance Code

§ 345.070 — AMENDMENT OF CONTRACT

FI § 345.070Title 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)On request of the retail buyer, the holder of a retail installment contract may:

(1)amend the contract to renew, restate, or reschedule the unpaid balance of the contract; and

(2)collect an amount computed on the principal balance of the amended contract for the term of the amended contract at the applicable rate under Section 345.055, 345.056, 345.057, or 345.058.

(b)The principal balance of the amended contract is computed by:

(1)adding:

(A)the amount of the unpaid balance on the date of the amendment;

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Legislative history

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