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Texas Finance Code - FIN § 347.256. Creditor's Action on Consumer's Failure to Pay Taxes

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

(a) If a consumer does not pay a tax that has been assessed against the manufactured home, the creditor may treat the failure as a default or may:

(1) pay to the appropriate taxing authority the unpaid tax and any interest or other charge due;  and

(2) add to the unpaid balance of the credit transaction the amounts paid to the taxing authority and interest, at the interest rate or time price differential applicable to the transaction on the date payment is made.

(b) If the creditor pays a tax under this section, the creditor shall notify the consumer that:

(1) the tax and interest or other charges have been paid, as appropriate;  and

(2) those amounts have been added to the unpaid balance of the credit transaction.

(c) The creditor may determine the period and number of installments in which the consumer is required to pay the amounts added to the unpaid balance, including payment of the entire amount on the date of the last installment, payment in equal increments added to each of the remaining installments, or payment in a lesser number of installments or unequal increments.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 347.256. Creditor's Action on Consumer's Failure to Pay Taxes - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-347-256/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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