Texas Finance Code 342.004 – Constitutional Interest; Exemption for Loan With Interest Rate of 10 Percent or Less
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(a) Except as otherwise fixed by law, the maximum rate of interest is 10 percent a year.
(b) A loan providing for a rate of interest that is 10 percent a year or less is not subject to this chapter.
Terms Used In Texas Finance Code 342.004
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) A loan described by § 302.001(d) may provide for a delinquency charge as provided by that section without being subject to this chapter or any other provision of this subtitle.