Tex. Fin. Code § 353.016 · Subchapter A. GENERAL PROVISIONS
COMPUTATION OF TIME PRICE DIFFERENTIAL USING TRUE DAILY EARNINGS METHOD.
Text — Current through the 89th 2nd Called Legislative Session, 2025
Under the true daily earnings method, the earned time price differential is computed by multiplying the daily rate of the time price differential by the number of days the actual unpaid principal balance is outstanding. Under this method:
(1) a payment is credited at the time received, with a payment received before the scheduled installment date resulting in a greater reduction in the unpaid principal balance than otherwise scheduled, and a payment received after the scheduled installment date resulting in less of a reduction in the unpaid principal balance than otherwise scheduled;
(2) a partial payment is applied first to time price differential with any remainder applied to the unpaid principal balance; and
(3) accrued but unpaid time price differential is not:
(A) added to the unpaid principal balance; or
(B) compounded.
Notes and commentary — not statutory text
History
Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.353.htm
- Text hash
- sha256 a2578ab67d0404522e44abb0e76dd8fd346c8b4262bcc50b88aaa360a28cc69c
- 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 1 provision
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