Tex. Fin. Code Section 306.103
Account Purchase Transaction

(a)

An amount of a discount in, or charged under, an account purchase transaction is not interest.

(b)

For the purposes of this chapter, the parties’ characterization of an account purchase transaction as a purchase is conclusive that the account purchase transaction is not a transaction for the use, forbearance, or detention of money.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.

Source: Section 306.103 — Account Purchase Transaction, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­306.­htm#306.­103 (accessed May 11, 2024).

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Accessed:
May 11, 2024

§ 306.103’s source at texas​.gov