Finance Code › Title 3 › Chapter 124 › Subchapter A

Texas Finance Code § 124.002

Limitations on Interest Rates

Loans and Investments · General Provisions Concerning Loans to Members

The interest rate on a loan to a member may not exceed:

(1) 1-1/2 percent per month on the unpaid balance;

(2) 28 percent a year to the extent that federal credit unions are permitted to charge that rate; or

(3) a higher rate authorized by law, including a rate authorized by Chapter 303.

Official text of the Texas Finance Code as published by the Texas Legislative Council.

Official source
Legislative history

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

Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 16, eff. September 1, 2013.