Sec. 57.354. LATE PAYMENT OR CREDIT. (a) All payments or allowances of credit due to a dealer shall be paid or credited within 90 days after receipt by the supplier of property required to be repurchased under this subchapter.
(b) Any payment or allowance of credit due a dealer that is not paid within the 90-day period will accrue interest at the maximum rate allowed by law.
(c) The supplier may withhold payments due under this subchapter during the period in which the dealer fails to comply with its contractual obligation to remove any signage indicating that the dealer is an authorized dealer of the supplier.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1039 (H.B. 3079), Sec. 2, eff. September 1, 2011.
Structure Texas Statutes
Title 4 - Business Opportunities and Agreements
Subchapter H. Repurchase or Other Obligations Following Cancellation or Nonrenewal of Agreement
Section 57.351. Definition of Terminate and Termination
Section 57.352. Applicability of Subchapter to Several Business Locations Covered by Same Agreement
Section 57.353. Payments or Credits
Section 57.354. Late Payment or Credit
Section 57.356. Construction of Subchapter; Creditor's Claims