Texas Finance Code - FIN § 303.009. Maximum and Minimum Weekly, Monthly, Quarterly, or Annualized Ceiling

(a) If the rate computed for the weekly, monthly, quarterly, or annualized ceiling is less than 18 percent a year, the ceiling is 18 percent a year.

(b) Except as provided by Subsection (c), if the rate computed for the weekly, monthly, quarterly, or annualized ceiling is more than 24 percent a year, the ceiling is 24 percent a year.

(c) For a contract made, extended, or renewed under which credit is extended for a business, commercial, investment, or similar purpose, the limitation on the ceilings determined by those computations is 28 percent a year.

(d) For an open-end account credit agreement that provides for credit card transactions on which a merchant discount is not imposed or received by the creditor or a retail charge agreement under Chapter 345 without a merchant discount, the ceiling is 21 percent a year.

(f) In this chapter, “weekly ceiling,” “monthly ceiling,” “quarterly ceiling,” or “annualized ceiling” refers to that ceiling as determined after the application of this section.


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