Texas Finance Code 303.104 – Disclosure of Decrease in Interest Rate Not Required On Open-End Accounts Involving Credit Card Transaction or Merchant Discount
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Terms Used In Texas Finance Code 303.104
- 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
On an open-end account authorized under § 342.455 or 346.003, in connection with which credit card transactions are authorized or a merchant discount is imposed or received by the creditor and on which interest is charged under this chapter, the creditor is not required to disclose a decrease in the applicable interest rate.