Texas Finance Code
§ 397.008 — REFUND FOR DEBT CANCELLATION AGREEMENTS
FI § 397.008Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 397. DEBT CANCELLATION AGREEMENTS FOR CERTAIN VEHICLE LEASES
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 lease 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 lessee 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 397.005, 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
Added by Acts 2017, 85th Leg., R.S., Ch. 183 (S.B. 1052), Sec. 7, eff. September 1, 2017.