Texas Finance Code

§ 347.151 — AMENDMENT OF CREDIT TRANSACTION

FI § 347.151Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 347. MANUFACTURED HOME CREDIT TRANSACTIONS · Art. D. AMENDMENT OR PREPAYMENT OF CREDIT TRANSACTION

Statute text

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(a)On a consumer's request, a creditor may:

(1)extend or defer the scheduled due date of all or part of one or more installments of the credit transaction;

(2)renew, restate, or reschedule the unpaid balance of the transaction; or

(3)increase or reduce the number of installments of the transaction.

(b)A creditor may collect a charge that does not exceed the amount computed by applying the credit transaction's interest rate or time price differential applicable on the date of adjustment to the remaining amount of the unpaid balance, computed under Section 347.155, for the period that the amount is extended or deferred.

(c)The creditor and consumer may agree to an unlimited number of extensions. The period of each extension is the period agreed to by the creditor and consumer.

Legislative history

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