Tex. Fin. Code Section 305.004
Additional Liability for More than Twice Authorized Rate of Legal Interest

(a)

In addition to the amount determined under Section 305.003 (Liability for Usurious Legal Interest), a creditor who charges and receives legal 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 transaction subject to this subtitle.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.

Source: Section 305.004 — Additional Liability for More than Twice Authorized Rate of Legal Interest, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­305.­htm#305.­004 (accessed May 18, 2024).

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Accessed:
May 18, 2024

§ 305.004’s source at texas​.gov