Texas Finance Code - Section 302.002. Accrual Of Interest When No Rate Specified
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§ 302.002. ACCRUAL OF INTEREST WHEN NO RATE
SPECIFIED. 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.
Amended by Acts 1999, 76th Leg., ch. 62, § 7.18(a), eff. Sept. 1,
1999.
Section: 278.051 278.052 278.053 278.101 301.001 301.002 302.001 302.002 302.101 302.102 302.103 302.104 303.001 303.002 303.003
Last modified: August 10, 2007
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