Texas Finance Code 303.002 – Weekly Ceiling
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Terms Used In Texas Finance Code 303.002
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
The parties to a written agreement may agree to an interest rate, or in an agreement described by Chapter 345, 347, 348, or 353, an amount of time price differential producing a rate, that does not exceed the applicable weekly ceiling.