Texas Finance Code

§ 303.003 — COMPUTATION OF WEEKLY CEILING

FI § 303.003Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part A. INTEREST · Ch. 303. OPTIONAL RATE CEILINGS · Art. A. RATE CEILINGS: APPLICABILITY, COMPUTATION, AND PUBLICATION

Statute text

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(a)The weekly ceiling is computed by:

(1)multiplying the auction rate by two; and

(2)rounding the result obtained under Subdivision (1) to the nearest one-quarter of one percent.

(b)The weekly rate ceiling becomes effective on Monday of each week and remains in effect through the following Sunday.

(c)In this subchapter, "auction rate" means the auction average rate quoted on a bank discount basis for 26-week treasury bills issued by the United States government, as published by the Federal Reserve Board, for the week preceding the week in which the weekly rate ceiling is to take effect.

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. 2.03, eff. Sept. 1, 1999.