Texas Finance Code

§ 306.103 — ACCOUNT PURCHASE TRANSACTION

FI § 306.103Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part A. INTEREST · Ch. 306. COMMERCIAL TRANSACTIONS · Art. B. PROVISIONS RELATING TO SPECIFIC TYPES OF COMMERCIAL LOANS OR TRANSACTIONS

Statute text

View on source

(a)An amount of a discount in, or charged under, an account purchase transaction is not interest.

(b)For the purposes of this chapter, the parties' characterization of an account purchase transaction as a purchase is conclusive that the account purchase transaction is not a transaction for the use, forbearance, or detention of money.

Legislative history

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