Tex. Finance Code § 346.101
This is the official text of Tex. Finance Code § 346.101, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 346.101. MAXIMUM INTEREST RATE.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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