Texas Finance Code

§ 348.108 — CHARGES FOR COLLECTING DEBT

FI § 348.108Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 348. MOTOR VEHICLE INSTALLMENT SALES · Art. B. RETAIL INSTALLMENT CONTRACT

Statute text

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A retail installment contract may provide for the payment of:

(1)reasonable attorney's fees if the contract is referred for collection to an attorney who is not a salaried employee of the holder;

(2)court costs and disbursements; and

(3)reasonable out-of-pocket expenses incurred in connection with the repossession or sequestration of the motor vehicle securing the payment of the contract or foreclosure of a security interest in the vehicle, including the costs of storing, reconditioning, and reselling the vehicle, subject to the standards of good faith and commercial reasonableness set by Title 1, Business & Commerce Code.

Legislative history

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