Texas Finance Code

§ 64.042 — APPLICATION OF PREPAYMENTS TO LOAN INSTALLMENTS

FI § 64.042Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 64. LOANS AND INVESTMENTS · Art. C. LOAN PAYMENTS

Statute text

View on source

Unless otherwise agreed in writing, an association shall apply:

(1)a prepayment of principal to the final installment of the obligation until the final installment is fully paid; and

(2)additional prepayments on installments in the inverse order of their maturity.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.