Texas Finance Code 303.016 – Charging of Rate Lower Than Agreed Rate
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Terms Used In Texas Finance Code 303.016
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
A creditor may charge an interest rate or amount of time price differential that is lower than the rate or amount agreed to in the contract.