(a) A credit union, in accordance with its bylaws, may charge a member a penalty when a loan payment is past due.
(b) A credit union may charge only one penalty on each past due payment.
(c) A penalty under this section is not interest.
Tex. Fin. Code § 124.153
PENALTY FOR LATE PAYMENT
Known as the Texas Credit Union Act
The act spans §§ 121–149 (219 sections).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.