Tex. Finance Code § 346.102
This is the official text of Tex. Finance Code § 346.102, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 346.102. PERMISSIBLE INTEREST RATE FOR BILLING CYCLE.
Official statutory text
(a) A revolving credit account that provides for equal billing cycles may provide for interest for a billing cycle at the rate equal to one-twelfth of the applicable annual interest rate on the average daily balance of the account during that billing cycle.
(b) In any 12-month period, billing cycles are considered to be equal if:
(1) the number of billing cycles in the period does not exceed 12; and
(2) the difference between the length of the longest and the shortest billing cycles in the period does not exceed eight days.
(b) In any 12-month period, billing cycles are considered to be equal if:
(1) the number of billing cycles in the period does not exceed 12; and
(2) the difference between the length of the longest and the shortest billing cycles in the period does not exceed eight days.
Status: in_force · Read it on the official government site
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