Clone of TAC - Rule 83.757 - Refund of Precomputed Interest for Subchapter F Loans; Prepayment in Full After the First Installment Due Date and Before the Final Installment Due Date

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SECTION/RULE §83.757 - Refund of Precomputed Interest for Subchapter F Loans; Prepayment in Full After the First Installment Due Date and Before the Final Installment Due Date

Chapter Review Date 02/22/2020

(a) If prepayment in full is made by cash, renewal, or otherwise, the authorized lender must refund or credit to the borrower the unearned installment account handling charge by the refund method authorized by §83.751(b) of this title (relating to Scope) and identified in the loan agreement as the chosen refund method. One day earned into a month will allow the lender to earn the interest applicable to the full month.(b) To calculate the amount of the refund of unearned interest, an authorized lender must consider any installments that were deferred.

Source Note: The provisions of this §83.757 adopted to be effective November 9, 2006, 31 TexReg 8999; amended to be effective November 4, 2010, 35 TexReg 9698; amended to be effective July 10, 2014, 39 TexReg 5142.