Tex. Fin. Code Section 305.002
Additional Liability for More than Twice Authorized Rate of Interest

(a)

In addition to the amount determined under Section 305.001 (Liability for Usurious Interest), a creditor who charges and receives interest that is greater than twice the amount authorized by this subtitle is liable to the obligor for:

(1)

the principal amount on which the interest is charged and received; and

(2)

the interest and all other amounts charged and received.

(b)

This section applies only to a contract or transaction for personal, family, or household use subject to this subtitle.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.06, eff. September 1, 2005.

Source: Section 305.002 — Additional Liability for More than Twice Authorized Rate of Interest, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­305.­htm#305.­002 (accessed May 18, 2024).

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Accessed:
May 18, 2024

§ 305.002’s source at texas​.gov