Sec. 345.078. CONSOLIDATION OF CONTRACTS. (a) If a retail buyer purchases goods or services in a retail installment transaction from a retail seller from whom the buyer has previously purchased goods or services under one or more retail installment contracts and the amounts under those contracts have not been paid in full, the seller may consolidate the subsequent purchase with one or more of the contracts.
(b) If a purchase is consolidated with a retail installment contract under this section, the retail seller may prepare a written memorandum of the subsequent purchase instead of executing a retail installment contract for the purchase. Sections 345.051, 345.052, 345.053, 345.065, 345.066, and 345.067 do not apply to the memorandum. The seller shall deliver a copy of the memorandum to the retail buyer before the date on which the first installment under the consolidated contract is due.
(c) Each subsequent purchase that is consolidated with a retail installment contract is a separate retail installment contract under this chapter. The provisions of this chapter relating to a retail installment contract apply to the subsequent purchase except as provided by Subsection (b).
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