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Texas Business and Commerce Code - BUS & COM § 92.055. Restrictions on Late Charges and Reinstatement Fees

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Only one late charge or reinstatement fee may be collected on a payment regardless of the period during which the payment remains in default.

(b) A rental-purchase agreement may require the consumer to pay a late charge or reinstatement fee only if:

(1) a periodic payment is delinquent for more than:

(A) seven days, if the payment is due monthly; or

(B) three days, if the payment is due more frequently than monthly; and

(2) the charge or fee is in an amount not less than $5 and not more than the lesser of:

(A) $10; or

(B) 10 percent of the delinquent payment.

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Cite this article: FindLaw.com - Texas Business and Commerce Code - BUS & COM § 92.055. Restrictions on Late Charges and Reinstatement Fees - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-and-commerce-code/bus-com-sect-92-055/

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