Texas Finance Code

§ 346.206 — ACCELERATION OR IMMEDIATE PAYMENT DEMAND PROHIBITED

FI § 346.206Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 346. REVOLVING CREDIT ACCOUNTS · Art. C. CREDITOR'S DUTIES AND AUTHORITY

Statute text

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With respect to a revolving credit account secured by an interest in real property, a creditor may not accelerate or demand immediate payment of an amount owed under the account unless the customer is in default under the terms of the account agreement.

Legislative history

Added by Acts 2003, 78th Leg., ch. 887, Sec. 7, eff. Sept. 1, 2003.