Texas Finance Code

§ 353.008 — PRINCIPAL BALANCE; INCLUSION OF DOCUMENTARY FEE

FI § 353.008Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 353. COMMERCIAL MOTOR VEHICLE INSTALLMENT SALES · Art. A. GENERAL PROVISIONS

Statute text

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(a)The principal balance under a retail installment contract is computed by:

(1)adding:

(A)the cash price of the commercial vehicle;

(B)each amount included in the retail installment contract for an itemized charge; and

(C)subject to Subsection (c), a documentary fee for services rendered for or on behalf of the retail buyer in handling and processing documents relating to the sale of the commercial vehicle; and

(2)subtracting from the results under Subdivision (1) the amount of the retail buyer's down payment in money, goods, or both.

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Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.