Texas Finance Code 345.059 – Principal Balance Computation
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Terms Used In Texas Finance Code 345.059
- Contract: A legal written agreement that becomes binding when signed.
The principal balance of a retail installment contract is computed by:
(1) adding the cash price subject to the contract and the total of the contract’s itemized charges, including a documentary fee authorized under § 345.251; and
(2) subtracting the amount of the retail buyer’s down payment in money and goods from the amount computed under Subdivision (1).