1. (a) A holder of a retail installment contract, on request of the retail buyer, may agree to defer the scheduled due date of all or part of one or more installments.

2. (b) A holder may collect from the retail buyer for deferment of an installment:

   1. (1) a charge that is a part of the time price differential and computed on the amount deferred for the period of deferment at the monthly rate of 15 cents for each $10; and

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

      1. (A) premiums for continuing in force any insurance provided for by the contract; and
      2. (B) additional necessary official fees.
3. (c) The minimum charge under Subsection (b)(1) is $1.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.