Texas Finance Code

§ 305.002 — ADDITIONAL LIABILITY FOR MORE THAN TWICE AUTHORIZED RATE OF INTEREST

FI § 305.002Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part A. INTEREST · Ch. 305. PENALTIES AND REMEDIES · Art. A. CIVIL LIABILITY; CRIMINAL PENALTY

Statute text

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(a)In addition to the amount determined under Section 305.001, a creditor who charges and receives interest that is greater than twice the amount authorized by this subtitle is liable to the obligor for:

(1)the principal amount on which the interest is charged and received; and

(2)the interest and all other amounts charged and received.

(b)This section applies only to a contract or transaction for personal, family, or household use subject to this subtitle. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999. Amended by:

Legislative history

Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.06, eff. September 1, 2005.