Texas Finance Code
§ 302.102 — PROHIBITION ON PREPAYMENT PENALTY
FI § 302.102Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part A. INTEREST · Ch. 302. INTEREST RATES · Art. B. OTHER RATES AND PROVISIONS ON LOANS SECURED BY REAL PROPERTY
Statute text
View on sourceIf the interest rate on a loan for property that is or is to be the residential homestead of the borrower is greater than 12 percent a year, a prepayment penalty may not be collected on the loan unless the penalty is required by an agency created by federal law.
Legislative history
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999; Acts 1999, 76th Leg., ch. 909, Sec. 2.02, eff. Sept. 1, 1999.