Tex. Finance Code § 303.005
This is the official text of Tex. Finance Code § 303.005, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 303.005. COMPUTATION OF MONTHLY CEILING.
Official statutory text
(a) The consumer credit commissioner shall compute the monthly ceiling on the first business day of the calendar month in which the rate applies. The monthly ceiling is effective for one month beginning on the first calendar day of each month.
(b) The monthly ceiling is computed by averaging all of the weekly ceilings computed using rates from auctions held during the calendar month preceding the computation date of the monthly ceiling.
(b) The monthly ceiling is computed by averaging all of the weekly ceilings computed using rates from auctions held during the calendar month preceding the computation date of the monthly ceiling.
Status: in_force · Read it on the official government site
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