Texas Finance Code

§ 124.153 — PENALTY FOR LATE PAYMENT

FI § 124.153Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 124. LOANS AND INVESTMENTS · Art. D. LOAN PAYMENTS

(a)A credit union, in accordance with its bylaws, may charge a member a penalty when a loan payment is past due.

(b)A credit union may charge only one penalty on each past due payment.

(c)A penalty under this section is not interest.

Legislative history

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