Sec. 345.060. CHARGES FOR DEFAULT IN PAYMENT OF INSTALLMENT. (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.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Subtitle B - Loans and Financed Transactions
Chapter 345 - Retail Installment Sales
Subchapter B. Retail Installment Contract
Section 345.051. Retail Installment Contract General Requirements
Section 345.052. Contents of Contract
Section 345.053. Disclosure of Promise to Compensate for Referral
Section 345.054. Time Price Differential for Contract
Section 345.055. Time Price Differential for Contract Payable in Equal Monthly Payments
Section 345.056. Use of Optional Ceiling
Section 345.057. Time Price Differential for Other Contracts
Section 345.058. Minimum Time Price Differential for Contract
Section 345.059. Principal Balance Computation
Section 345.060. Charges for Default in Payment of Installment
Section 345.061. Charges for Collecting Debt
Section 345.062. Acceleration of Debt Maturity
Section 345.063. Requirements for Contract That Is More Than One Document
Section 345.064. Completion of Contract
Section 345.065. Delivery of Copy of Contract
Section 345.066. Buyer's Right to Rescind Contract
Section 345.067. Buyer's Acknowledgment of Delivery of Contract Copy
Section 345.068. Bailment or Lease as Retail Installment Transaction
Section 345.069. Deferment of Installment
Section 345.070. Amendment of Contract
Section 345.071. Confirmation of Amendment
Section 345.072. Contract After Amendment
Section 345.073. Prepayment of Contract
Section 345.074. Refund Credit on Prepayment
Section 345.075. Amount of Refund Credit for Monthly Installment Contract
Section 345.076. Amount of Refund Credit for Other Contracts
Section 345.077. Reinstatement of Contract
Section 345.078. Consolidation of Contracts
Section 345.079. Allocation of Payments on Consolidation of Contracts
Section 345.080. Obligation Under More Than One Contract
Section 345.081. Certificate of Completion or Satisfaction of Contract
Section 345.082. Statement of Payments and Amount Due Under Contract