Sec. 347.351. DELINQUENCY CHARGE ON DEFAULT. (a) On each installment in default for more than 15 days, a creditor may collect a delinquency charge that does not exceed the lesser of an amount equal to five percent of the installment or $20. (b) Only one delinquency charge may be collected on an installment, regardless of the period for which the installment remains in default. (c) The charge or collection of a delinquency charge does not affect the right of a creditor to accelerate the debt under this subchapter.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.