Texas Finance Code 64.042 – Application of Prepayments to Loan Installments
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Terms Used In Texas Finance Code 64.042
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Unless otherwise agreed in writing, an association shall apply:
(1) a prepayment of principal to the final installment of the obligation until the final installment is fully paid; and
(2) additional prepayments on installments in the inverse order of their maturity.