Texas Finance Code

§ 348.120 — AMOUNT OF REFUND CREDIT FOR MONTHLY INSTALLMENT CONTRACT

FI § 348.120Title 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)This section applies only to a refund credit on the prepayment of a retail installment contract that is payable in substantially equal successive monthly installments beginning one month after the date of the contract.

(b)On a contract for a motor vehicle the minimum amount of the refund credit is computed by:

(1)subtracting an acquisition cost of $25 from the original time price differential; and

(2)multiplying the amount computed under Subdivision (1) by the percentage of refund computed under Subsection (d).

(c)Repealed by Acts 2011, 82nd Leg., R.S., Ch. 117, Sec. 26(3), eff. September 1, 2011.

(d)The percentage of refund is computed by:

…

Legislative history

Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 14, eff. September 1, 2011. Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 26(3), eff. September 1, 2011.