Texas § FI.345.103 - TIME PRICE DIFFERENTIAL FOR AGREEMENT

§ FI.345.103. TIME PRICE DIFFERENTIAL FOR AGREEMENT

TIME PRICE DIFFERENTIAL FOR AGREEMENT. (a) Notwithstanding any other law a retail charge agreement may provide for a time price differential for the payment in installments under the agreement. (b) The time price differential may not be more than the amount computed on the unpaid amount under the retail charge agreement at a rate equal to: (1) 15 cents per $10 per month on the part of the unpaid balance that is equal to or less than the amount computed under Subchapter C , Chapter 341 , using the reference amount of $500; and (2) 10 cents per $10 per month on the part of the unpaid balance that is more than the amount computed for Subdivision (1). (c) If the amount computed under Subsection (b) for any month for which a balance is due is less than 75 cents, the time price differential for that month may be 75 cents. (d) If the period between installment payments is not a month, the time price differential shall be computed proportionately. (e) The time price differential may be computed for all unpaid balances within a $10 range by applying the amount of the time price differential for the median amount within the range to those unpaid balances. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.