Sec. 353.104. TIME PRICE DIFFERENTIAL FOR CONTRACT WITH EQUAL MONTHLY SUCCESSIVE PAYMENTS. (a) A retail installment contract that is payable in substantially equal successive monthly installments beginning one month after the date of the contract may provide for a time price differential that does not exceed the add-on charge provided by this section.
(b) The add-on charge is $7.50 per $100 per year on the principal balance for a new commercial vehicle, other than a heavy commercial vehicle, designated by the manufacturer by a model year that is not earlier than the year in which the sale is made.
(c) The add-on charge is $10 per $100 per year on the principal balance for:
(1) a new commercial vehicle not covered by Subsection (b);
(2) a used commercial vehicle designated by the manufacturer by a model year that is not more than two years before the year in which the sale is made; or
(3) a new or used heavy commercial vehicle designated by the manufacturer by a model year that is not more than two years before the year in which the sale is made.
(d) The add-on charge is $12.50 per $100 per year on the principal balance for a used commercial vehicle not covered by Subsection (c) that is a commercial vehicle designated by the manufacturer by a model year that is not more than four years before the year in which the sale is made.
(e) For a used commercial vehicle not covered by Subsection (c) or (d), the add-on charge is:
(1) $15 per $100 per year on the principal balance; or
(2) $18 per $100 per year on the principal balance if the principal balance under the retail installment contract does not exceed $300.
(f) The time price differential is computed on the original principal balance under the retail installment contract from the date of the contract until the maturity of the final installment, notwithstanding that the balance is payable in installments.
(g) If the retail installment contract is payable for a period that is shorter or longer than a year or is for an amount that is less or greater than $100, the amount of the maximum time price differential computed under this section is decreased or increased proportionately.
(h) For the purpose of a computation under this section, 16 or more days of a month may be considered a full month.
Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.
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