ADDITIONAL LIABILITY FOR MORE THAN TWICE AUTHORIZED RATE OF LEGAL INTEREST
Applied in 1 court decision — leading case Walker & Associates Surveying, Inc. v. Roberts (2010)
Most recently applied in Walker & Associates Surveying, Inc. v. Roberts (February 2010)
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff
(a) In addition to the amount determined under Section 305.003, a creditor who charges and receives legal 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 transaction 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.