Tex. Fin. Code § 345.075 · Subchapter B. RETAIL INSTALLMENT CONTRACT
AMOUNT OF REFUND CREDIT FOR MONTHLY INSTALLMENT CONTRACT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The minimum amount of a refund credit on prepayment of a contract that is payable in substantially equal successive monthly installments beginning one month after the date of the contract is computed by:
(1) subtracting an amount equal to the minimum charge authorized by this chapter for that contract from the original time price differential; and
(2) multiplying the amount computed under Subdivision (1) by the percentage computed by dividing the sum of all of the monthly balances under the contract's schedule of payments into the sum of the unpaid monthly balances under the contract's schedule of payments beginning on:
(A) the first day, after the date of the prepayment or demand for payment in full, that is the date of a month that corresponds to the date of the month that the first installment is due under the contract; or
(B) if the prepayment or demand for payment in full is made before the first installment date under the contract, the next monthly anniversary date of the contract occurring after prepayment or demand.
(b) A refund credit is not required if the amount of the refund credit is less than $1.
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 0eba56d429a48ee4d39c8a53f813295fc72ef357e50ae39448fefb45b4257ff7
- 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
Cited by 3 provisions
Provisions in this library whose text cites Tex. Fin. Code § 345.075. Each shows the citation as that text prints it.
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.