Tex. Fin. Code § 302.002 · Subchapter A. USURIOUS INTEREST
ACCRUAL OF INTEREST WHEN NO RATE SPECIFIED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
If a creditor has not agreed with an obligor to charge the obligor any interest, the creditor may charge and receive from the obligor legal interest at the rate of six percent a year on the principal amount of the credit extended beginning on the 30th day after the date on which the amount is due. If an obligor has agreed to pay to a creditor any compensation that constitutes interest, the obligor is considered to have agreed on the rate produced by the amount of that interest, regardless of whether that rate is stated in the agreement.
Notes and commentary — not statutory text
History
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.302.htm
- Text hash
- sha256 2fbb5bbe8701dabcae5585d399dda13d466c98f2c5cefc706513f021dd2420eb
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 6 provisions
Provisions in this library whose text cites Tex. Fin. Code § 302.002. Each shows the citation as that text prints it.
Business Organizations Code
Government Code
- Tex. Gov't Code § 4006.151FEE FOR SALE OF EXCESS SECURITIES.Printed as Section 302.002, Finance Code
- Tex. Gov't Code § 4006.152FEE FOR EXCEEDING LIMITED OFFERING EXEMPTION.Printed as Section 302.002, Finance Code
- Tex. Gov't Code § 4006.153FEE FOR SALES OF UNREGISTERED SECURITIES.Printed as Section 302.002, Finance Code
Local Government Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.