Texas Finance Code
§ 353.121 — REFUND ON CONTRACTS USING SCHEDULED INSTALLMENT EARNINGS METHOD
FI § 353.121Title 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)This section:
(1)applies to a retail installment contract:
(A)that includes precomputed time price differential; and
(B)to which Section 353.120 does not apply; and
(2)does not apply to a retail installment contract in which the time price differential is computed using the true daily earnings method.
(b)If a retail installment contract is prepaid in full or if the holder demands payment in full of the unpaid balance before final maturity of the contract, the holder earns time price differential for the period beginning on the date of the contract and ending on the date of the earlier of the prepayment or demand, in an amount that does not exceed the amount allowed by this section.
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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.