Tex. Finance Code § 345.060
This is the official text of Tex. Finance Code § 345.060, part of Texas’s Finance Code — regulates banks and other financial institutions.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§ 345.060. CHARGES FOR DEFAULT IN PAYMENT OF INSTALLMENT.
Official statutory text
(a) A retail installment contract may provide that if an installment remains unpaid after the 10th day after the maturity of the installment the retail seller may collect:
(1) a delinquency charge that is not more than five percent of an installment or $5, whichever is less; or
(2) interest on the amount of the installment accruing after the maturity of the installment at a rate that does not exceed the maximum rate authorized for the contract.
(b) Only one delinquency charge may be collected under Subsection (a) on an installment regardless of the duration of the default.
(1) a delinquency charge that is not more than five percent of an installment or $5, whichever is less; or
(2) interest on the amount of the installment accruing after the maturity of the installment at a rate that does not exceed the maximum rate authorized for the contract.
(b) Only one delinquency charge may be collected under Subsection (a) on an installment regardless of the duration of the default.
Status: in_force · Read it on the official government site
Need a lawyer in Texas?
Find a Texas lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.