(a) If a retail installment contract is amended to defer all or a part of one or more installments for not longer than three months, the holder may collect from the retail buyer:

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

     (1)  an amount computed on the amount deferred for the period of deferment at a rate that does not exceed the effective return for time price differential permitted for a monthly payment retail installment contract; and

     (2)  the amount of the additional cost to the holder for:

     (A)  premiums for continuing in force any insurance coverages provided for by the contract; and

     (B)  any additional necessary official fees.

     (b)  The minimum charge under Subsection (a)(1) is $1.