Texas Finance Code

§ 302.103 — EFFECT OF FEDERAL PREEMPTION ON LATE CHARGES

FI § 302.103Title 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

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On loans subject to 12 U.S.C. Sections 1735f-7 and 1735f-7a, as amended, any late charges assessed are interest that is included in computing the amount or rate of interest on the loan and, therefore, covered by the federal preemption of state interest rate limitations.

Legislative history

Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.