(a) If a computation under § 347.104 results in a decrease, the creditor shall decrease the credit transaction‘s rate. If the creditor has agreed to impose periodic or aggregate limitations on rate adjustments that are smaller or more restrictive than the limitations prescribed by § 347.105, those limitations apply to the decrease.
(b) A creditor may waive an increase that results from a computation under § 347.104.

Terms Used In Texas Finance Code 347.106

  • Credit transaction: means :
    (A) any sale, loan, or other transaction involving a retail purchase of a manufactured home and under which a person in a written agreement, including a credit sales contract or loan instrument, grants to another person a purchase money lien on the manufactured home to secure an extension of credit that is:
    (i) subject to a finance charge; or
    (ii) payable in more than four installments, not including a down payment; and
    (B) a lease or bailment described by § 347. See Texas Finance Code 347.002
  • Creditor: means a:
    (A) person who extends credit or arranges for the extension of credit in a credit transaction; or
    (B) retailer or broker, as defined by § 1201. See Texas Finance Code 347.002
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