Texas Finance Code 347.354 – Accrual of Interest On Acceleration
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Terms Used In Texas Finance Code 347.354
- 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
If payment of a debt is accelerated, interest accrues on the amount owed under the credit transaction, including expenses authorized under § 347.307 that are incurred, at a rate equal to the rate applicable to the credit transaction at the time of the acceleration.