Gavvy: Fin. Code, Sec. 342.305. Additional Interest for Default: Irregular Transaction.

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Sec. 342.305. Additional Interest for Default: Irregular Transaction.

Sec. 342.305. ADDITIONAL INTEREST FOR DEFAULT: IRREGULAR TRANSACTION. A secondary mortgage loan that includes precomputed interest and that is an irregular transaction may provide for additional interest for default using the true daily earnings method for the period from the maturity date of an installment until the date the installment is paid. The rate of the additional interest may not exceed the maximum contract interest rate.

Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.

Gavvy last updated this database on: Sep 6, 2024