Tex. Fin. Code § 345.060 · Subchapter B. RETAIL INSTALLMENT CONTRACT
CHARGES FOR DEFAULT IN PAYMENT OF INSTALLMENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A retail installment contract may provide that if an installment remains unpaid after the 10th day after the maturity of the installment the retail seller may collect:
(1) a delinquency charge that is not more than five percent of an installment or $5, whichever is less; or
(2) interest on the amount of the installment accruing after the maturity of the installment at a rate that does not exceed the maximum rate authorized for the contract.
(b) Only one delinquency charge may be collected under Subsection (a) on an installment regardless of the duration of the default.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.345.htm
- Text hash
- sha256 5f5af1ec9880890130f380aca6268eb20e5141c8a7da3e607d4f56f7aa22d098
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.