Tex. Bus. & Com. Code Section 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.

Source: Section 92.055 — Restrictions on Late Charges and Reinstatement Fees, https://statutes.­capitol.­texas.­gov/Docs/BC/htm/BC.­92.­htm#92.­055 (accessed May 4, 2024).

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Accessed:
May 4, 2024

§ 92.055’s source at texas​.gov