Sec. 92.055. RESTRICTIONS ON LATE CHARGES AND REINSTATEMENT FEES. (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.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.
Last modified: September 28, 2016