Rate Bracket Adjustments
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Market Competitive Rate Ceilings
Several Texas Finance Code sections were repealed regarding the calculation and publication of the market competitive rate ceilings by the Acts of the 79th Legislature, Regular Session, 2005. (HB 955).
§345.151. Affidavit of Rate Charged by Creditor in Other State for Determining Ceiling;
§345.152. Determination of Ceiling; and
§345.154. Implementation of Ceiling.
The rate ceilings addressed in Texas Finance Code, §303.009(d) provide the ceiling for credit card transactions.
§303.009. Maximum and Minimum Weekly, Monthly, Quarterly, or Annualized Ceiling.
(d) For an open-end account credit agreement that provides for credit card transactions on which a merchant discount is not imposed or received by the creditor, the ceiling is 21 percent a year.
The maximum rate has been 21% since October 1, 1999.