Texas Finance Code
§ 354.007 — REFUND FOR DEBT CANCELLATION AGREEMENTS
FI § 354.007Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 354. DEBT CANCELLATION AGREEMENTS FOR CERTAIN RETAIL VEHICLE INSTALLMENT SALES
Statute text
View on source(a)A refund or credit of the debt cancellation agreement fee must be based on the earliest date of:
(1)the prepayment of the contract in full before the original maturity date;
(2)a demand by the holder for payment in full of the unpaid balance or acceleration;
(3)a request by the retail buyer for cancellation of the debt cancellation agreement; or
(4)the total denial of a debt cancellation request based on one of the exclusions listed in Section 354.003, except in the case of a partial loss of the covered vehicle.
(b)The refund or credit for the debt cancellation agreement can be rounded to the nearest whole dollar. A refund or credit is not required if the amount of the refund or credit calculated is less than $5.
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Legislative history
Acts 2023, 88th Leg., R.S., Ch. 580 (H.B. 2746), Sec. 1, eff. September 1, 2023.