Texas Finance Code

§ 303.106 — OPEN-END ACCOUNT: CEILING FOR PLAN OR ARRANGEMENT

FI § 303.106Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part A. INTEREST · Ch. 303. OPTIONAL RATE CEILINGS · Art. B. OPEN-END ACCOUNTS

Statute text

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If a creditor implements a quarterly or annualized ceiling for a majority of the creditor's open-end accounts that are under a particular plan or arrangement and that are for obligors in this state, that ceiling is also the ceiling for all open-end accounts that are opened or activated under that plan for obligors in this state during the period that the election is in effect.

Legislative history

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