Texas Finance Code

§ 124.002 — LIMITATIONS ON INTEREST RATES

FI § 124.002Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 124. LOANS AND INVESTMENTS · Art. A. GENERAL PROVISIONS CONCERNING LOANS TO MEMBERS

Statute text

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The interest rate on a loan to a member may not exceed:

(1)1-1/2 percent per month on the unpaid balance;

(2)28 percent a year to the extent that federal credit unions are permitted to charge that rate; or

(3)a higher rate authorized by law, including a rate authorized by Chapter 303. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by:

Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 16, eff. September 1, 2013.