Texas Finance Code

§ 94.102 — APPLICATION OF PREPAYMENTS TO LOAN INSTALLMENTS

FI § 94.102Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 94. LOANS AND INVESTMENTS · Art. C. LOAN PAYMENTS

Unless otherwise agreed in writing, a savings bank 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 to installments in the inverse order of their maturity.

Legislative history

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