Texas Finance Code
§ 345.103 — TIME PRICE DIFFERENTIAL FOR AGREEMENT
FI § 345.103Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 345. RETAIL INSTALLMENT SALES · Art. C. RETAIL CHARGE AGREEMENT
Statute text
View on source(a)Notwithstanding any other law a retail charge agreement may provide for a time price differential for the payment in installments under the agreement.
(b)The time price differential may not be more than the amount computed on the unpaid amount under the retail charge agreement at a rate equal to:
(1)15 cents per $10 per month on the part of the unpaid balance that is equal to or less than the amount computed under Subchapter C, Chapter 341, using the reference amount of $500; and
(2)10 cents per $10 per month on the part of the unpaid balance that is more than the amount computed for Subdivision (1).
(c)If the amount computed under Subsection (b) for any month for which a balance is due is less than 75 cents, the time price differential for that month may be 75 cents.
(d)If the period between installment payments is not a month, the time price differential shall be computed proportionately.
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.