Tex. Fin. Code Section 346.102
Permissible Interest Rate for Billing Cycle

(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.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Source: Section 346.102 — Permissible Interest Rate for Billing Cycle, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­346.­htm#346.­102 (accessed May 11, 2024).

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Accessed:
May 11, 2024

§ 346.102’s source at texas​.gov