APPLICATION OF PREPAYMENTS TO LOAN INSTALLMENTS
Known as the Texas Savings and Loan Act
The act spans §§ 61–89 (217 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
Unless otherwise agreed in writing, an association shall apply:
(1) a prepayment of principal to the final installment of the obligation until the final installment is fully paid; and
(2) additional prepayments on installments in the inverse order of their maturity.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.