Texas Finance Code

§ 305.008 — CRIMINAL PENALTY

FI § 305.008Title 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)A person commits an offense if the person contracts for, charges, or receives interest on a transaction for personal, family, or household use that is greater than twice the amount authorized by this subtitle.

(b)An offense under this section is a misdemeanor punishable by a fine of not more than $1,000.

(c)Each contract or transaction that violates this section is a separate offense.

(d)This section applies only to a contract or transaction subject to this subtitle.

Legislative history

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