Texas Finance Code 305.002 – Additional Liability for More Than Twice Authorized Rate of Interest
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(a) In addition to the amount determined under Section 305.001, 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.
Terms Used In Texas Finance Code 305.002
- Contract: A legal written agreement that becomes binding when signed.