reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.011. Publication of Rate Ceilings

Sec. 303.011.  PUBLICATION OF RATE CEILINGS.  (a)  The consumer credit commissioner shall send the rate ceilings computed under this subchapter to the secretary of state for publication in the Texas Register.
(b)  The monthly, quarterly, or annualized ceiling shall be published before the 11th day after the date on which the ceiling is computed.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.012. Judicial Notice

Sec. 303.012.  JUDICIAL NOTICE.  A court may take judicial notice of interpretations issued by the consumer credit commissioner or information published in the Texas Register under Section 303.011.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.013. Determination of Ceiling for Contract to Renew or Extend Debt Payment

Sec. 303.013.  DETERMINATION OF CEILING FOR CONTRACT TO RENEW OR EXTEND DEBT PAYMENT.  The rate ceiling for a contract to renew or extend the terms of payment of a debt is the ceiling in effect under this chapter when the contract for renewal or extension is made, regardless of when the debt is incurred.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.014. Rate for Lender Credit Card Agreement With Merchant Discount

Sec. 303.014.  RATE FOR LENDER CREDIT CARD AGREEMENT WITH MERCHANT DISCOUNT.  On an amount owed for a credit card transaction under a lender credit card agreement that imposes or allows the creditor to receive a merchant discount, the creditor may not contract for, charge, or receive:
(1)  a rate that exceeds the ceiling provided under Section 303.006(c);  or
(2)  a fee or charge that:
(A)  is not allowed under Chapter 346;  or
(B)  exceeds the amount allowed under Chapter 346.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.015. Variable Rate

Sec. 303.015.  VARIABLE RATE.  (a)  The parties to a contract, including a contract for an open-end account, may agree to any index, formula, or provision of law by which the interest rate or amount of time price differential will be determined, but the agreed rate of interest or yield from an amount of time price differential may not exceed the amount that would be produced by the rate ceiling applicable to the contract.
(b)  A variable contract rate described by this section may not be used in a contract in which the interest or time price differential is precomputed and added into the amount of the contract at the time the contract is made.
(c)  A variable rate agreement for credit extended primarily for personal, family, or household use must include the disclosures identified for variable rate contracts required by regulations issued by the Federal Reserve Board and the Consumer Financial Protection Bureau under the Truth in Lending Act (15 U.S.C. Section 1601 et seq.), as amended, except that if that Act does not apply because of the amount of the transaction, the following disclosure must be included in a size equal to at least 10-point type that is boldface, capitalized, underlined, or otherwise set out from surrounding material so as to be conspicuous:
"NOTICE TO CONSUMER: UNDER TEXAS LAW, IF YOU CONSENT TO THIS AGREEMENT, YOU MAY BE SUBJECT TO A FUTURE RATE AS HIGH AS 24 PERCENT PER YEAR."
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371), Sec. 5, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.016. Charging of Rate Lower Than Agreed Rate

Sec. 303.016.  CHARGING OF RATE LOWER THAN AGREED RATE.  A creditor may charge an interest rate or amount of time price differential that is lower than the rate or amount agreed to in the contract.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.017. Various Charges on Consumer Loans Made by Particular Lenders

Sec. 303.017.  VARIOUS CHARGES ON CONSUMER LOANS MADE BY PARTICULAR LENDERS.  Notwithstanding Section 342.005, a bank, savings association, savings bank, or credit union making a loan primarily for personal, family, or household use under authority of this chapter may charge all reasonable expenses and fees incurred in connection with making, closing, disbursing, extending, readjusting, or renewing a loan not secured by real property, whether or not those expenses or fees are paid to third parties.  Those reasonable expenses and fees paid to third parties are not interest.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.03, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter B. Open-End Accounts › Section 303.101. Open-End Account: Ceilings

Sec. 303.101.  OPEN-END ACCOUNT:  CEILINGS.  (a)  To use the quarterly or annualized ceiling for setting the interest rate on current and future open-end account balances, the agreement must provide for use of the ceiling, and the creditor must give notice of the interest rate after the date on which the quarterly or annualized ceiling is computed but before the last day of the next succeeding calendar quarter.
(b)  If the annualized ceiling is used, the rate is effective for the 12-month period beginning on the date on which the rate takes effect for the account.
(c)  If the quarterly ceiling is used, the rate is effective for the three-month period beginning on the date on which the rate takes effect for the account.  For an open-end account authorized under Section 342.455 or 346.003, in connection with which credit card transactions are authorized or a merchant discount is imposed or received by the creditor, the quarterly ceiling shall be adjusted, at the option of the creditor, on:
(1)  the effective dates provided by Section 303.008;  or
(2)  the first day of the first billing cycle of the account beginning after those dates.
(d)  If a quarterly or annualized ceiling is being used for an account and if the rate for the applicable period is less than or equal to the ceiling to be in effect for the succeeding period of equal length, the creditor may leave that rate in effect for the succeeding period.
(e)  A creditor who has disclosed to an obligor that an election may be renewed under Subsection (d) is not required to give additional notice of a renewal under that subsection.
(f)  To increase a previously agreed rate, a creditor shall comply with Section 303.103 before the end of the last calendar quarter of the period in which the rate previously agreed to is in effect.  The ceiling in effect for that period remains the ceiling until the parties to the agreement agree to a new rate.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter B. Open-End Accounts › Section 303.102. Variable Rate Open-End Account: Ceilings

Sec. 303.102.  VARIABLE RATE OPEN-END ACCOUNT:  CEILINGS.  The applicable rate ceiling for an open-end account agreement that provides for a variable rate or amount according to an index, formula, or provision of law disclosed to the obligor, other than a variable rate commercial contract that is subject to Section 303.004, is the annualized, quarterly, or weekly ceiling as disclosed to the obligor.  The annualized ceiling shall be adjusted after each 12-month period, the quarterly ceiling shall be adjusted after each three-month period, and the weekly ceiling shall be adjusted weekly.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter B. Open-End Accounts › Section 303.103. Open-End Account: Change of Agreement Term

Sec. 303.103.  OPEN-END ACCOUNT:  CHANGE OF AGREEMENT TERM.  (a)  An agreement covering an open-end account may provide that the creditor may change the terms of the agreement for current and future balances of that account by giving notice of the change to the obligor.
(b)  A notice under this section to change a provision of an account, including the rate, or the index or formula used to compute the rate, must include:
(1)  the new provision, the new rate, or the index or formula to be used to compute the rate;
(2)  the date on which the change is to take effect;
(3)  the period for which the change is to be effective or after which the rate will be adjusted;
(4)  a statement of whether the change is to affect current and future balances;  and
(5)  the obligor's rights under this section and the procedures for the obligor to exercise those rights.
(c)  A creditor who increases a rate shall include with a notice required by this section a form that may be returned at the expense of the creditor and on which the obligor may indicate by checking or marking an appropriate box or by a similar arrangement the obligor's decision not to continue the account.  The form may be included on a part of the account statement that is to be returned to the creditor or on a separate sheet.  In addition to the requirements of Subsection (b), the notice must include:
(1)  the address to which the obligor may send notice of the obligor's election not to continue the open-end account;  and
(2)  the following statement printed in not less than 10-point type or computer equivalent:
"YOU MAY TERMINATE THIS AGREEMENT IF YOU DO NOT WISH TO PAY THE NEW RATE."
(d)  An obligor is considered to have agreed to a change under this section if the creditor mails a notice required by this section to the obligor's most recent address shown in the creditor's records and:
(1)  the obligor chooses to retain the privilege of using the open-end account;
(2)  the obligor or a person authorized by the obligor accepts or uses an extension of credit after the fifth day after the date on which the notice is mailed;  or
(3)  the obligor does not notify the creditor in writing before the 21st day after the date on which the notice is mailed that the obligor does not wish to continue to use the open-end account.
(e)  An obligor who rejects a rate change in accordance with this section is entitled to pay the balance on the open-end account at the rate and over the period in effect immediately before the date of the proposed change and under the same minimum payment terms provided by the agreement.  Rejection of a new rate does not accelerate payment of the balance due.
(f)  The procedure provided by this section for changing the terms of an agreement is in addition to other means of amending the agreement provided by law.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter B. Open-End Accounts › Section 303.104. Disclosure of Decrease in Interest Rate Not Required on Open-End Accounts Involving Credit Card Transaction or Merchant Discount

Sec. 303.104.  DISCLOSURE OF DECREASE IN INTEREST RATE NOT REQUIRED ON OPEN-END ACCOUNTS INVOLVING CREDIT CARD TRANSACTION OR MERCHANT DISCOUNT.  On an open-end account authorized under Section 342.455 or 346.003, in connection with which credit card transactions are authorized or a merchant discount is imposed or received by the creditor and on which interest is charged under this chapter, the creditor is not required to disclose a decrease in the applicable interest rate.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter B. Open-End Accounts › Section 303.105. Open-End Account: Disclosure of Certain Rate Variations

Sec. 303.105.  OPEN-END ACCOUNT:  DISCLOSURE OF CERTAIN RATE VARIATIONS.  (a)  Except as provided by Subsection (b), a variation in an interest rate on an account resulting from operation of the previously disclosed index, formula, or provision of law is not required to be disclosed under Section 303.101 or 303.103.
(b)  Except as inconsistent with federal law, the creditor on an open-end account agreement that provides for a variable interest rate according to an index, formula, or provision of law, that is primarily for personal, family, or household use, and that is subject to this chapter shall give to the obligor notice of a change in the rate resulting from operation of the index, formula, or provision of law.  The notice must be given:
(1)  by a document mailed on or before the beginning of the first cycle for which the change becomes effective;  or
(2)  on or with:
(A)  the billing statement for a billing cycle that precedes the cycle for which the change becomes effective, if the account is covered by Section 303.006(c);  or
(B)  any billing statement, if the account is not covered by Section 303.006(c).
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter B. Open-End Accounts › Section 303.106. Open-End Account: Ceiling for Plan or Arrangement

Sec. 303.106.  OPEN-END ACCOUNT:  CEILING FOR PLAN OR ARRANGEMENT.  If a creditor implements a quarterly or annualized ceiling for a majority of the creditor's open-end accounts that are under a particular plan or arrangement and that are for obligors in this state, that ceiling is also the ceiling for all open-end accounts that are opened or activated under that plan for obligors in this state during the period that the election is in effect.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter C. Provisions Applicable to Certain Consumer Loans and Secondary Mortgage Loans › Section 303.201. License Required

Sec. 303.201.  LICENSE REQUIRED.  A person engaged in the business of making loans for personal, family, or household use for which the rate is authorized under this chapter must obtain a license under Chapter 342 unless the person is not required to obtain a license under Section 342.051.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.04, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter C. Provisions Applicable to Certain Consumer Loans and Secondary Mortgage Loans › Section 303.202. Applicability of Subtitle B

Sec. 303.202.  APPLICABILITY OF SUBTITLE B.  Except as inconsistent with this chapter:
(1)  a person engaged in the business of extending open-end credit primarily for personal, family, or household use and who charges on an open-end account a rate or amount under authority of this chapter is subject to the applicable chapter in Subtitle B;  and
(2)  a party to an account described by Subdivision (1) or the party's assignees have all the rights, duties, and obligations under that applicable chapter.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter C. Provisions Applicable to Certain Consumer Loans and Secondary Mortgage Loans › Section 303.203. Automobile Club Membership Offered in Connection With a Loan

Sec. 303.203.  AUTOMOBILE CLUB MEMBERSHIP OFFERED IN CONNECTION WITH A LOAN.  (a)  A lender may, at the time or after a loan is made, offer to sell to the borrower and finance in a loan contract subject to this subtitle a charge for an automobile club membership.
(b)  The lender may not require the purchase of the membership authorized under Subsection (a) as a condition for approval of the loan.
(c)  The borrower shall provide the lender with written acknowledgment of the borrower's intent to purchase the membership.
(d)  The amount charged for a membership as authorized by Subsection (a) must be reasonable.
Added by Acts 2005, 79th Leg., Ch. 252 (H.B. 1088), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1182 (H.B. 3453), Sec. 4, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter D. Limitations on Applicability of Chapter › Section 303.301. Agreement to Which Chapter Does Not Apply

Sec. 303.301.  AGREEMENT TO WHICH CHAPTER DOES NOT APPLY.  The rate ceilings provided by this chapter do not apply to an agreement:
(1)  under which credit is extended by the seller, or an owner, subsidiary, or corporate affiliate of the seller, for a transaction governed by Chapter 601, Business & Commerce Code; and
(2)  that is secured by a lien on the obligor's homestead.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.16, eff. April 1, 2009.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter D. Limitations on Applicability of Chapter › Section 303.302. Requirements Inconsistent With Federal Law

Sec. 303.302.  REQUIREMENTS INCONSISTENT WITH FEDERAL LAW.  (a)  A person is not required to comply with a disclosure or notice requirement of this chapter that is inconsistent with federal statute or regulation.
(b)  A creditor may modify a disclosure or notice requirement of this chapter to conform to federal law.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter E. Enforcement › Section 303.401. When Act or Omission Not Violation

Sec. 303.401.  WHEN ACT OR OMISSION NOT VIOLATION.  An act or omission does not violate this title if the act or omission conforms to an interpretation of this title that is in effect at the time of the act or omission and that was made by:
(1)  the consumer credit commissioner under Section 14.108;  or
(2)  an appellate court of this state or the United States.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter E. Enforcement › Section 303.402. Penalty for Violation of Chapter for Certain Contracts Subject to Subtitle B

Sec. 303.402.  PENALTY FOR VIOLATION OF CHAPTER FOR CERTAIN CONTRACTS SUBJECT TO SUBTITLE B.  (a)  A person who contracts for, charges, or receives under a contract subject to Chapter 342, 345, 346, 347, 348, or 353, including a contract for an open-end account, a rate or amount of interest or time price differential that exceeds the maximum applicable rate or amount authorized by the applicable chapter or this chapter is subject to a penalty for that violation determined under Chapter 349.
(b)  For a contract described by Subsection (a) that contains a rate or amount authorized under this chapter, the failure to perform a duty or comply with a prohibition provided by this chapter is subject to Chapter 349 as if this chapter were in Subtitle B.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 4, eff. September 1, 2011.
Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371), Sec. 6, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter E. Enforcement › Section 303.403. Penalty for Violation of Ceiling in Certain Contracts

Sec. 303.403.  PENALTY FOR VIOLATION OF CEILING IN CERTAIN CONTRACTS.  A written contract, other than a contract to which Section 303.402 applies, that directly or indirectly provides for a rate that exceeds the rate authorized by this chapter and that is not otherwise authorized by law, is subject to the penalty prescribed by Chapter 305.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter E. Enforcement › Section 303.404. Enforcement by Consumer Credit Commissioner

Sec. 303.404.  ENFORCEMENT BY CONSUMER CREDIT COMMISSIONER.  Subject to Subchapter B, Chapter 341, the consumer credit commissioner shall enforce Subtitles B and C as they apply to contracts subject to those chapters.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter E. Enforcement › Section 303.405. Examination of Records; Inspections; Rules

Sec. 303.405.  EXAMINATION OF RECORDS;  INSPECTIONS;  RULES.  (a)  Section 342.552 applies to a transaction:
(1)  that is made by a person who holds a license under Chapter 342;
(2)  that is subject to Chapter 342 or 346;  and
(3)  the rate of which is authorized by this chapter.
(b)  Subchapter L, Chapter 342, applies to a loan:
(1)  that is subject to Chapter 342;  and
(2)  the rate of which is authorized by this chapter.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter E. Enforcement › Section 303.406. Enforcement by Credit Union Commissioner

Sec. 303.406.  ENFORCEMENT BY CREDIT UNION COMMISSIONER.  The credit union commissioner shall enforce this chapter as it applies to contracts subject to Subtitle D, Title 3.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter E. Enforcement › Section 303.407. Enforcement by Texas Department of Insurance

Sec. 303.407.  ENFORCEMENT BY TEXAS DEPARTMENT OF INSURANCE.  The Texas Department of Insurance shall enforce this chapter as it applies to contracts subject to Chapter 651, Insurance Code.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.113, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter F. Effect on Other Statutes of Using Optional Rate › Section 303.501. Applicability of Credit Union Act

Sec. 303.501.  APPLICABILITY OF CREDIT UNION ACT.  Except as inconsistent with this chapter:
(1)  a person subject to Subtitle D, Title 3, who contracts for, charges, or receives a rate or amount authorized by this chapter remains subject to that subtitle;  and
(2)  a party to a transaction described by Subdivision (1) has all the rights provided by that subtitle.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter F. Effect on Other Statutes of Using Optional Rate › Section 303.502. Applicability of Chapter 24, Insurance Code

Sec. 303.502.  APPLICABILITY OF CHAPTER 24, INSURANCE CODE.  (a)  Except as inconsistent with this chapter:
(1)  a person subject to Chapter 651, Insurance Code, who contracts for, charges, or receives an interest rate authorized by this chapter remains subject to that chapter; and
(2)  a party to an insurance premium finance agreement, including an agreement for an open-end account, has all the rights provided by Chapter 651, Insurance Code.
(b)  The licensing requirements of Chapter 342 do not apply to a transaction described by Subsection (a)(1).  The penalty provisions of this title do not apply to a transaction described by Subsection (a)(1).
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.114, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter A. General Provisions › Section 304.001. Interest Rate Required in Judgment

Sec. 304.001.  INTEREST RATE REQUIRED IN JUDGMENT.  A money judgment of a court in this state must specify the postjudgment interest rate applicable to that judgment.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter A. General Provisions › Section 304.002. Judgment Interest Rate: Interest Rate or Time Price Differential in Contract

Sec. 304.002.  JUDGMENT INTEREST RATE:  INTEREST RATE OR TIME PRICE DIFFERENTIAL IN CONTRACT.  A money judgment of a court of this state on a contract that provides for interest or time price differential earns postjudgment interest at a rate equal to the lesser of:
(1)  the rate specified in the contract, which may be a variable rate;  or
(2)  18 percent a year.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter A. General Provisions › Section 304.003. Judgment Interest Rate: Interest Rate or Time Price Differential Not in Contract

Sec. 304.003.  JUDGMENT INTEREST RATE:  INTEREST RATE OR TIME PRICE DIFFERENTIAL NOT IN CONTRACT.  (a)  A money judgment of a court of this state to which Section 304.002 does not apply, including court costs awarded in the judgment and prejudgment interest, if any, earns postjudgment interest at the rate determined under this section.
(b)  On the 15th day of each month, the consumer credit commissioner shall determine the postjudgment interest rate to be applied to a money judgment rendered during the succeeding calendar month.
(c)  The postjudgment interest rate is:
(1)  the prime rate as published by the Board of Governors of the Federal Reserve System on the date of computation;
(2)  five percent a year if the prime rate as published by the Board of Governors of the Federal Reserve System described by Subdivision (1) is less than five percent; or
(3)  15 percent a year if the prime rate as published by the Board of Governors of the Federal Reserve System described by Subdivision (1) is more than 15 percent.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999;  Acts 2003, 78th Leg., ch. 204, Sec. 6.01, eff. Sept. 1, 2003;  Acts 2003, 78th Leg., ch. 676, Sec. 1, eff. June 20, 2003.
Amended by:
Acts 2005, 79th Leg., Ch. 387 (S.B. 1450), Sec. 1, eff. September 1, 2005.
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 7.01, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter A. General Provisions › Section 304.004. Publication of Judgment Interest Rate

Sec. 304.004.  PUBLICATION OF JUDGMENT INTEREST RATE.  The consumer credit commissioner shall send to the secretary of state the postjudgment interest rate for publication, and the secretary shall publish the rate in the Texas Register.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter A. General Provisions › Section 304.005. Accrual of Judgment Interest

Sec. 304.005.  ACCRUAL OF JUDGMENT INTEREST.  (a)  Except as provided by Subsection (b), postjudgment interest on a money judgment of a court in this state accrues during the period beginning on the date the judgment is rendered and ending on the date the judgment is satisfied.
(b)  If a case is appealed and a motion for extension of time to file a brief is granted for a party who was a claimant at trial, interest does not accrue for the period of extension.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter A. General Provisions › Section 304.006. Compounding of Judgment Interest

Sec. 304.006.  COMPOUNDING OF JUDGMENT INTEREST.  Postjudgment interest on a judgment of a court in this state compounds annually.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter A. General Provisions › Section 304.007. Judicial Notice of Judgment Interest Rate

Sec. 304.007.  JUDICIAL NOTICE OF JUDGMENT INTEREST RATE.  A court of this state shall take judicial notice of a published postjudgment interest rate.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter B. Prejudgment Interest in Wrongful Death, Personal Injury, or Property Damage Case › Section 304.101. Applicability of Subchapter

Sec. 304.101.  APPLICABILITY OF SUBCHAPTER.  This subchapter applies only to a wrongful death, personal injury, or property damage case of a court of this state.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter B. Prejudgment Interest in Wrongful Death, Personal Injury, or Property Damage Case › Section 304.102. Prejudgment Interest Required in Certain Cases

Sec. 304.102.  PREJUDGMENT INTEREST REQUIRED IN CERTAIN CASES.  A judgment in a wrongful death, personal injury, or property damage case earns prejudgment interest.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter B. Prejudgment Interest in Wrongful Death, Personal Injury, or Property Damage Case › Section 304.103. Prejudgment Interest Rate for Wrongful Death, Personal Injury, or Property Damage Case

Sec. 304.103.  PREJUDGMENT INTEREST RATE FOR WRONGFUL DEATH, PERSONAL INJURY, OR PROPERTY DAMAGE CASE.  The prejudgment interest rate is equal to the postjudgment interest rate applicable at the time of judgment.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter B. Prejudgment Interest in Wrongful Death, Personal Injury, or Property Damage Case › Section 304.104. Accrual of Prejudgment Interest

Sec. 304.104.  ACCRUAL OF PREJUDGMENT INTEREST.  Except as provided by Section 304.105 or 304.108, prejudgment interest accrues on the amount of a judgment during the period beginning on the earlier of the 180th day after the date the defendant receives written notice of a claim or the date the suit is filed and ending on the day preceding the date judgment is rendered.  Prejudgment interest is computed as simple interest and does not compound.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter B. Prejudgment Interest in Wrongful Death, Personal Injury, or Property Damage Case › Section 304.1045. Future Damages

Sec. 304.1045.  FUTURE DAMAGES.  Prejudgment interest may not be assessed or recovered on an award of future damages.
Added by Acts 2003, 78th Leg., ch. 204, Sec. 6.02, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter B. Prejudgment Interest in Wrongful Death, Personal Injury, or Property Damage Case › Section 304.105. Effect of Settlement Offer on Accrual of Prejudgment Interest

Sec. 304.105.  EFFECT OF SETTLEMENT OFFER ON ACCRUAL OF PREJUDGMENT INTEREST.  (a)  If judgment for a claimant is equal to or less than the amount of a settlement offer of the defendant, prejudgment interest does not accrue on the amount of the judgment during the period that the offer may be accepted.
(b)  If judgment for a claimant is more than the amount of a settlement offer of the defendant, prejudgment interest does not accrue on the amount of the settlement offer during the period that the offer may be accepted.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter B. Prejudgment Interest in Wrongful Death, Personal Injury, or Property Damage Case › Section 304.106. Settlement Offer Requirements to Prevent Prejudgment Interest Accrual

Sec. 304.106.  SETTLEMENT OFFER REQUIREMENTS TO PREVENT PREJUDGMENT INTEREST ACCRUAL.  To prevent the accrual of prejudgment interest under this subchapter, a settlement offer must be in writing and delivered to the claimant or the claimant's attorney or representative.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter B. Prejudgment Interest in Wrongful Death, Personal Injury, or Property Damage Case › Section 304.107. Value of Settlement Offer for Computing Prejudgment Interest

Sec. 304.107.  VALUE OF SETTLEMENT OFFER FOR COMPUTING PREJUDGMENT INTEREST.  If a settlement offer does not provide for cash payment at the time of settlement, the amount of the settlement offer for the purpose of computing prejudgment interest is the cost or fair market value of the settlement offer at the time it is made.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter C. Other Prejudgment Interest Provisions › Section 304.201. Prejudgment Interest Rate for Condemnation Case

Sec. 304.201.  PREJUDGMENT INTEREST RATE FOR CONDEMNATION CASE.  The prejudgment interest rate in a condemnation case is equal to the postjudgment interest rate at the time of judgment and is computed as simple interest.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter D. Exceptions to Application of Chapter › Section 304.301. Exception for Delinquent Taxes

Sec. 304.301.  EXCEPTION FOR DELINQUENT TAXES.  This chapter does not apply to a judgment:
(1)  in favor of a taxing unit in a delinquent tax suit under Subchapter C, Chapter 33, Tax Code;  or
(2)  that earns interest at a rate set by Title 2, Tax Code.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 304 - Judgment Interest › Subchapter D. Exceptions to Application of Chapter › Section 304.302. Exception for Delinquent Child Support

Sec. 304.302.  EXCEPTION FOR DELINQUENT CHILD SUPPORT.  This chapter does not apply to interest that accrues on an amount of unpaid child support under Section 157.265, Family Code.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 305 - Penalties and Remedies › Subchapter A. Civil Liability; Criminal Penalty › Section 305.001. Liability for Usurious Interest

Sec. 305.001.  LIABILITY FOR USURIOUS INTEREST.  (a)  A creditor who contracts for, charges, or receives interest that is greater than the amount authorized by this subtitle in connection with a transaction for personal, family, or household use is liable to the obligor for an amount that is equal to the greater of:
(1)  three times the amount computed by subtracting the amount of interest allowed by law from the total amount of interest contracted for, charged, or received; or
(2)  $2,000 or 20 percent of the amount of the principal, whichever is less.
(a-1)  A creditor who contracts for or receives interest that is greater than the amount authorized by this subtitle in connection with a commercial transaction is liable to the obligor for an amount that is equal to three times the amount computed by subtracting the amount of interest allowed by law from the total amount of interest contracted for or received.
(b)  This section applies only to a contract or transaction subject to this subtitle.
(c)  A creditor who charges or receives interest in excess of the amount contracted for, but not in excess of the maximum amount authorized by law, is not subject to penalties for usurious interest but may be liable for other remedies and relief as provided by law.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.05, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 305 - Penalties and Remedies › Subchapter A. Civil Liability; Criminal Penalty › Section 305.002. Additional Liability for More Than Twice Authorized Rate of Interest

Sec. 305.002.  ADDITIONAL LIABILITY FOR MORE THAN TWICE AUTHORIZED RATE OF INTEREST.  (a)  In addition to the amount determined under Section 305.001, a creditor who charges and receives interest that is greater than twice the amount authorized by this subtitle is liable to the obligor for:
(1)  the principal amount on which the interest is charged and received;  and
(2)  the interest and all other amounts charged and received.
(b)  This section applies only to a contract or transaction for personal, family, or household use subject to this subtitle.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.06, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 305 - Penalties and Remedies › Subchapter A. Civil Liability; Criminal Penalty › Section 305.003. Liability for Usurious Legal Interest

Sec. 305.003.  LIABILITY FOR USURIOUS LEGAL INTEREST.  (a)  A creditor who charges or receives legal interest that is greater than the amount authorized by this subtitle is liable to the obligor for an amount that is equal to the greater of:
(1)  three times the amount computed by subtracting the amount of legal interest allowed by law from the total amount of interest charged or received;  or
(2)  $2,000 or 20 percent of the amount of the principal, whichever is less.
(b)  This section applies only to a transaction subject to this subtitle.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 305 - Penalties and Remedies › Subchapter A. Civil Liability; Criminal Penalty › Section 305.004. Additional Liability for More Than Twice Authorized Rate of Legal Interest

Sec. 305.004.  ADDITIONAL LIABILITY FOR MORE THAN TWICE AUTHORIZED RATE OF LEGAL INTEREST.  (a)  In addition to the amount determined under Section 305.003, a creditor who charges and receives legal interest that is greater than twice the amount authorized by this subtitle is liable to the obligor for:
(1)  the principal amount on which the interest is charged and received;  and
(2)  the interest and all other amounts charged and received.
(b)  This section applies only to a transaction subject to this subtitle.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 305 - Penalties and Remedies › Subchapter A. Civil Liability; Criminal Penalty › Section 305.005. Attorney's Fees

Sec. 305.005.  ATTORNEY'S FEES.  A creditor who is liable under Section 305.001 or 305.003 is also liable to the obligor for reasonable attorney's fees set by the court.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 305 - Penalties and Remedies › Subchapter A. Civil Liability; Criminal Penalty › Section 305.006. Limitation on Filing Suit

Sec. 305.006.  LIMITATION ON FILING SUIT.  (a)  An action under this chapter must be brought within four years after the date on which the usurious interest was contracted for, charged, or received.  The action must be brought in the county in which:
(1)  the transaction was entered into;
(2)  the usurious interest was charged or received;
(3)  the creditor resides at the time of the cause of action, if the creditor is an individual;
(4)  the creditor maintains its principal office, if the creditor is not an individual;  or
(5)  the obligor resides at the time of the accrual of the cause of action.
(b)  Not later than the 61st day before the date an obligor files a suit seeking penalties for a transaction in which a creditor has contracted for, charged, or received usurious interest, the obligor shall give the creditor written notice stating in reasonable detail the nature and amount of the violation.
(c)  A creditor who receives a notice under this section may correct the violation as provided by Section 305.103 during the period beginning on the date the notice is received and ending on the 60th day after that date.  A creditor who corrects a violation as provided by this section is not liable to an obligor for the violation.
(d)  With respect to a defendant filing a counterclaim action alleging usurious interest in an original action by the creditor, the defendant shall provide notice complying with Subsection (b) at the time of filing the counterclaim and, on application of the creditor to the court, the action is subject to abatement for a period of 60 days from the date of the court order.  During the abatement period the creditor may correct a violation.  As part of the correction of the violation, the creditor shall offer to pay the obligor's reasonable attorney's fees as determined by the court based on the hours reasonably expended by the obligor's counsel with regard to the alleged violation before the abatement.  A creditor who corrects a violation as provided by this subsection is not liable to an obligor for the violation.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.07, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 305 - Penalties and Remedies › Subchapter A. Civil Liability; Criminal Penalty › Section 305.007. Penalties Exclusive

Sec. 305.007.  PENALTIES EXCLUSIVE.  The penalties provided by this chapter are the only penalties for violation of this subtitle for contracting for, charging, or receiving interest in an amount that produces a rate in excess of the maximum rate allowed by law.  Common law penalties do not apply.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 305 - Penalties and Remedies › Subchapter A. Civil Liability; Criminal Penalty › Section 305.008. Criminal Penalty

Sec. 305.008.  CRIMINAL PENALTY.  (a)  A person commits an offense if the person contracts for, charges, or receives interest on a transaction for personal, family, or household use that is greater than twice the amount authorized by this subtitle.
(b)  An offense under this section is a misdemeanor punishable by a fine of not more than $1,000.
(c)  Each contract or transaction that violates this section is a separate offense.
(d)  This section applies only to a contract or transaction subject to this subtitle.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 305 - Penalties and Remedies › Subchapter B. Exception From Liability › Section 305.101. Accidental and Bona Fide Error

Sec. 305.101.  ACCIDENTAL AND BONA FIDE ERROR.  A creditor is not subject to penalty under this chapter for any usurious interest that results from an accidental and bona fide error.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.