Texas Government Code 2304.069 – Interest Rate
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(a) The department shall set the minimum and maximum interest rates for housing rehabilitation loans.
(b) A local government shall set the interest rate for a housing rehabilitation loan it approves under this chapter. The rate must be within the minimum and maximum rates set by the department.
Terms Used In Texas Government Code 2304.069
- 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