ADDITIONAL LIABILITY FOR MORE THAN TWICE AUTHORIZED RATE OF INTEREST
Applied in 9 court decisions — leading case Mims v. Fidelity Funding, Inc. (In Re Auto International Refrigeration) (2002)
Most recently applied in ROBINSON & HARRISON POULTRY CO. v. Galvan (June 2010)
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
(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.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.