Texas § 345.060 CHARGES FOR DEFAULT IN PAYMENT OF INSTALLMENT.

Texas Statutes

§ 345.060 — CHARGES FOR DEFAULT IN PAYMENT OF INSTALLMENT.

Texas § 345.060

Code FIFinance Code

This text of Texas § 345.060 (CHARGES FOR DEFAULT IN PAYMENT OF INSTALLMENT.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Finance Code Code Ann. § 345.060 (2026).

Text

Sec. 345.060. CHARGES FOR DEFAULT IN PAYMENT OF INSTALLMENT.

(a)A retail installment contract may provide that if an installment remains unpaid after the 10th day after the maturity of the installment the retail seller may collect:

(1)a delinquency charge that is not more than five percent of an installment or $5, whichever is less; or

(2)interest on the amount of the installment accruing after the maturity of the installment at a rate that does not exceed the maximum rate authorized for the contract.

(b)Only one delinquency charge may be collected under Subsection (a) on an installment regardless of the duration of the default.

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Sec. 345.060. CHARGES FOR DEFAULT IN PAYMENT OF INSTALLMENT. (a) A retail installment contract may provide that if an installment remains unpaid after the 10th day after the maturity of the installment the retail seller may collect:
(1) a delinquency charge that is not more than five percent of an installment or $5, whichever is less; or
(2) interest on the amount of the installment accruing after the maturity of the installment at a rate that does not exceed the maximum rate authorized for the contract.
(b) Only one delinquency charge may be collected under Subsection (a) on an installment regardless of the duration of the default.