Texas Finance Code

§ 347.351 — DELINQUENCY CHARGE ON DEFAULT

FI § 347.351Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 347. MANUFACTURED HOME CREDIT TRANSACTIONS · Art. H. ACTIONS ON DEFAULT

Statute text

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(a)On each installment in default for more than 15 days, a creditor may collect a delinquency charge that does not exceed the lesser of an amount equal to five percent of the installment or $20.

(b)Only one delinquency charge may be collected on an installment, regardless of the period for which the installment remains in default.

(c)The charge or collection of a delinquency charge does not affect the right of a creditor to accelerate the debt under this subchapter.

Legislative history

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