Texas Finance Code
§ 303.005 — COMPUTATION OF MONTHLY CEILING
FI § 303.005Title 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
View on source(a)The consumer credit commissioner shall compute the monthly ceiling on the first business day of the calendar month in which the rate applies. The monthly ceiling is effective for one month beginning on the first calendar day of each month.
(b)The monthly ceiling is computed by averaging all of the weekly ceilings computed using rates from auctions held during the calendar month preceding the computation date of the monthly ceiling.
Legislative history
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.