Texas Finance Code

§ 303.014 — RATE FOR LENDER CREDIT CARD AGREEMENT WITH MERCHANT DISCOUNT

FI § 303.014Title 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

On an amount owed for a credit card transaction under a lender credit card agreement that imposes or allows the creditor to receive a merchant discount, the creditor may not contract for, charge, or receive:

(1)a rate that exceeds the ceiling provided under Section 303.006(c); or

(2)a fee or charge that:

(A)is not allowed under Chapter 346; or

(B)exceeds the amount allowed under Chapter 346.

Legislative history

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