Texas Finance Code

§ 346.003 — REVOLVING CREDIT ACCOUNTS

FI § 346.003Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 346. REVOLVING CREDIT ACCOUNTS · Art. A. GENERAL PROVISIONS

Statute text

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(a)A revolving credit account is an open-end account:

(1)that is established by a creditor for a customer under a written agreement between the creditor and the customer;

(2)that the customer accepts by using the account; and

(3)under which:

(A)the unpaid balance of and interest on the extensions of credit are debited to the account;

(B)interest is not precomputed but may be computed on the balances of the account outstanding from time to time;

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.