Sec. 347.108. PROHIBITION ON USE OF RATE ADJUSTMENT AND CERTAIN MORTGAGES. A credit transaction that provides for a rate adjustment under this subchapter may not permit the rate adjustment to be combined with a mortgage loan that has a term of five years or less or contain a provision that otherwise additionally allows the creditor to renegotiate, modify, or otherwise adjust the rate or term of the transaction within the 60-month period after the date of the transaction.
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