A retail installment contract may not authorize the holder to accelerate the maturity of all or a part of the amount owed under the contract unless:

1. (1) the retail buyer is in default in the performance of any of the buyer's obligations; or
2. (2) the holder believes in good faith that the prospect of buyer's payment or performance is impaired.

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

Acts 2009, 81st Leg., R.S., Ch. 238 (S.B. 1965), Sec. 9, eff. September 1, 2009.

Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 13, eff. September 1, 2011.