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Texas Finance Code - FIN § 342.305. Additional Interest for Default: Irregular Transaction

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

A secondary mortgage loan that includes precomputed interest and that is an irregular transaction may provide for additional interest for default using the true daily earnings method for the period from the maturity date of an installment until the date the installment is paid. The rate of the additional interest may not exceed the maximum contract interest rate.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 342.305. Additional Interest for Default: Irregular Transaction - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-342-305/

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