Tex. Fin. Code Section 124.002
Limitations on Interest Rates

The interest rate on a loan to a member may not exceed:

(1)

1-1/2 percent per month on the unpaid balance;

(2)

28 percent a year to the extent that federal credit unions are permitted to charge that rate; or

(3)

a higher rate authorized by law, including a rate authorized by Chapter 303 (Optional Rate Ceilings).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 16, eff. September 1, 2013.

Source: Section 124.002 — Limitations on Interest Rates, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­124.­htm#124.­002 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 124.002’s source at texas​.gov