Tex. Fin. Code Section 339.002
Billing Cycle Interest Limitation on Open-end Account Without Merchant Discount

(a)

This section applies to an open-end account agreement that provides for credit card transactions:

(1)

in which the creditor relies on one of the ceilings authorized by Chapter 303 (Optional Rate Ceilings) for the rate of interest; and

(2)

in connection with which the creditor does not impose or receive a merchant discount.

(b)

Interest or time price differential may not be charged for a billing cycle of an open-end account credit agreement if:

(1)

the total amount of the obligor’s payments during the cycle equal or exceed the balance owed under the agreement at the end of the preceding billing cycle; or

(2)

an amount is not owed under the agreement at the end of the preceding billing cycle.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.

Source: Section 339.002 — Billing Cycle Interest Limitation on Open-end Account Without Merchant Discount, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­339.­htm#339.­002 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 339.002’s source at texas​.gov