Tex. Fin. Code § 124.002

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 124.002 - Limitations on Interest Rates

The interest rate on a loan to a member may not exceed:

(1) 1-1/2 percent per month on the unpaid balance;

(2) 28 percent a year to the extent that federal credit unions are permitted to charge that rate; or

(3) a higher rate authorized by law, including a rate authorized by Chapter 303.

Tex. Fin. Code § 124.002

Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 19,Sec. 16, eff. 9/1/2013.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.