Texas Finance Code

§ 347.108 — PROHIBITION ON USE OF RATE ADJUSTMENT AND CERTAIN MORTGAGES

FI § 347.108Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 347. MANUFACTURED HOME CREDIT TRANSACTIONS · Art. C. FINANCE CHARGE RATES AND ADJUSTMENTS

Statute text

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A credit transaction that provides for a rate adjustment under this subchapter may not permit the rate adjustment to be combined with a mortgage loan that has a term of five years or less or contain a provision that otherwise additionally allows the creditor to renegotiate, modify, or otherwise adjust the rate or term of the transaction within the 60-month period after the date of the transaction.

Legislative history

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