Tex. Finance Code § 348.107
CHARGE FOR DEFAULT IN PAYMENT OF INSTALLMENT
Texas · Texas Finance Code · Status: effective
Cite this
- Citation
- Tex. Finance Code § 348.107, CHARGE FOR DEFAULT IN PAYMENT OF INSTALLMENT, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/647571
- Permanent ID
ys:prov:647571@1- SHA-256
04718ba3610da573081af89ec67cebe8f4736350753653ebaffb4d574f69682b
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) A retail installment contract may provide that if an installment remains unpaid after the 15th day after the maturity of the installment the holder may collect:
(1) a delinquency charge that does not exceed five percent of the amount of the installment; or
(2) interest on the amount of the installment accruing after the maturity of the installment and until the installment is paid in full at a rate that does not exceed the maximum rate authorized for the contract.
(b) A retail installment contract that provides for the accrual earnings method may provide for the delinquency charge authorized by Subsection (a)(1), the interest authorized by Subsection (a)(2), or both.
(c) Only one delinquency charge may be collected on an installment under this section regardless of the duration of the default.