Texas Finance Code

§ 348.123 — REFINANCING OF LARGE INSTALLMENT

FI § 348.123Title 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 a scheduled installment of a retail installment contract is more than an amount equal to twice the average of all installments scheduled before that installment, other than the down payment, the retail buyer is entitled to refinance that installment:

(1)when the installment is due;

(2)without an acquisition cost;

(3)in installments that are not greater or more frequent than the average amount and frequency of installments preceding that installment; and

(4)at a rate of time price differential that does not exceed the rate applicable to the original contract.

(b)This section does not apply to:

…

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.22(a), eff. Sept. 1, 1999; Acts 2003, 78th Leg., ch. 1276, Sec. 14A.774, eff. Sept. 1, 2003.