Tex. Finance Code § 353.104
This is the official text of Tex. Finance Code § 353.104, 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.
§ 353.104. TIME PRICE DIFFERENTIAL FOR CONTRACT WITH EQUAL MONTHLY SUCCESSIVE PAYMENTS.
Official statutory text
(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.
(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.
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.