1. (a) Only one late charge or reinstatement fee may be collected on a payment regardless of the period during which the payment remains in default.

2. (b) A rental-purchase agreement may require the consumer to pay a late charge or reinstatement fee only if:

   1. (1) a periodic payment is delinquent for more than:

      1. (A) seven days, if the payment is due monthly; or
      2. (B) three days, if the payment is due more frequently than monthly; and

   2. (2) the charge or fee is in an amount not less than $5 and not more than the lesser of:

      1. (A) $10; or
      2. (B) 10 percent of the delinquent payment.

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.