Sec. 353.109. ACCELERATION OF DEBT MATURITY. A retail installment contract may not authorize the holder to accelerate the maturity of all or a part of the amount owed under the contract unless:
(1) the retail buyer is in default in the performance of any of the buyer's obligations;
(2) the holder believes in good faith that the prospect of the buyer's payment or performance is impaired; or
(3) the retail buyer or an affiliate of the retail buyer is in default in its obligations under another financing agreement or leasing agreement held by the same holder or an affiliate of the holder.
Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.
Section: Previous 353.102 353.103 353.104 353.105 353.106 353.107 353.108 353.109 353.110 353.111 353.112 353.113 353.114 353.115 353.116 NextLast modified: September 28, 2016