Sec. 347.106. MANDATORY DECREASE; OPTIONAL INCREASE. (a) If a computation under Section 347.104 results in a decrease, the creditor shall decrease the credit transaction's rate. If the creditor has agreed to impose periodic or aggregate limitations on rate adjustments that are smaller or more restrictive than the limitations prescribed by Section 347.105, those limitations apply to the decrease.
(b) A creditor may waive an increase that results from a computation under Section 347.104.
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 347 - Manufactured Home Credit Transactions
Subchapter C. Finance Charge Rates and Adjustments
Section 347.101. Adjustable Rate
Section 347.102. Requirements for Rate Adjustments
Section 347.103. Rate Adjustment Index Base
Section 347.104. Amount of Rate Adjustment
Section 347.105. Maximum Rate Adjustments
Section 347.106. Mandatory Decrease; Optional Increase
Section 347.107. Notice of Rate Adjustment
Section 347.108. Prohibition on Use of Rate Adjustment and Certain Mortgages
Section 347.109. Computation of Finance Charge for Disclosure