Texas Finance Code 346.203 – More Than One Revolving Credit Account Authorized
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(a) On a customer’s request, a creditor may enter into more than one revolving credit account with the customer and may charge interest on each account.
(b) A creditor may not require that a customer enter into more than one revolving credit account for the purpose of collecting interest at a rate greater than the rate authorized by law.
Terms Used In Texas Finance Code 346.203
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC