Tex. Fin. Code § 346.101

MAXIMUM INTEREST RATE

Applied in 1 court decision — leading case Tully v. Citibank (South Dakota), N.A. (2005)

Most recently applied in Tully v. Citibank (South Dakota), N.A. (September 2005)

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

(a) A revolving credit account may provide for interest on an account at an annual rate that does not exceed the greater of:

(1) 18 percent a year; or

(2) the applicable alternative rate ceiling under Chapter 303.

(b) A revolving credit account may provide for interest computed under a method other than the average daily balance method if the amount of interest computed under that method does not exceed the amount of interest computed under the average daily balance method.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.