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Texas Finance Code - FIN § 346.102. Permissible Interest Rate for Billing Cycle

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 346.102. Permissible Interest Rate for Billing Cycle - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-346-102/

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