Texas Finance Code
§ 353.104 — TIME PRICE DIFFERENTIAL FOR CONTRACT WITH EQUAL MONTHLY SUCCESSIVE PAYMENTS
FI § 353.104Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 353. COMMERCIAL MOTOR VEHICLE INSTALLMENT SALES · Art. B. RETAIL INSTALLMENT CONTRACT
Statute text
View on source(a)A retail installment contract that is payable in substantially equal successive monthly installments beginning one month after the date of the contract may provide for a time price differential that does not exceed the add-on charge provided by this section.
(b)The add-on charge is $7.50 per $100 per year on the principal balance for a new commercial vehicle, other than a heavy commercial vehicle, designated by the manufacturer by a model year that is not earlier than the year in which the sale is made.
(c)The add-on charge is $10 per $100 per year on the principal balance for:
(1)a new commercial vehicle not covered by Subsection (b);
(2)a used commercial vehicle designated by the manufacturer by a model year that is not more than two years before the year in which the sale is made; or
(3)a new or used heavy commercial vehicle designated by the manufacturer by a model year that is not more than two years before the year in which the sale is made.
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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.