Texas Finance Code

§ 348.115 — CHARGE FOR OTHER AMENDMENT

FI § 348.115Title 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)If the unpaid balance of a retail installment contract is extended, renewed, restated, or rescheduled under this subchapter and Section 348.114 does not apply, the holder may collect an amount computed on the principal balance of the amended contract for the term of the amended contract at the time price differential for a retail installment contract that is applicable after reclassifying the motor vehicle by its model year at the time of the amendment.

(b)The principal balance of the amended contract is computed by:

(1)adding:

(A)the unpaid balance as of the date of amendment;

(B)the cost of any insurance incidental to the amendment;

(C)the amount of each additional necessary official fee; and

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Legislative history

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