Deferment of Installment

Sec. 345.069. DEFERMENT OF INSTALLMENT. (a) A holder of a retail installment contract, on request of the retail buyer, may agree to defer the scheduled due date of all or part of one or more installments. (b) A holder may collect from the retail buyer for deferment of an installment: (1) a charge that is a part of the time price differential and computed on the amount deferred for the period of deferment at the monthly rate of 15 cents for each $10; and (2) the amount of the additional cost to the holder for: (A) premiums for continuing in force any insurance provided for by the contract; and (B) additional necessary official fees. (c) The minimum charge under Subsection (b)(1) is $1. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.