Texas Natural Resources Code 161.512 – Increase in Interest Rate; Accelerated Repayment
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Terms Used In Texas Natural Resources Code 161.512
- 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
- Rule: includes regulation. See Texas Government Code 311.005
If a recipient of a loan does not comply with the requirements of § 161.511(a) and the board does not waive the three-year period prescribed by that section, the board by rule may provide for:
(1) an increase in the interest rate on the loan;
(2) the acceleration of repayment of the principal of and interest on the loan; or
(3) any other remedy the board considers appropriate.