Sec. 303.106. OPEN-END ACCOUNT: CEILING FOR PLAN OR ARRANGEMENT. If a creditor implements a quarterly or annualized ceiling for a majority of the creditor's open-end accounts that are under a particular plan or arrangement and that are for obligors in this state, that ceiling is also the ceiling for all open-end accounts that are opened or activated under that plan for obligors in this state during the period that the election is in effect.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Chapter 303 - Optional Rate Ceilings
Subchapter B. Open-End Accounts
Section 303.101. Open-End Account: Ceilings
Section 303.102. Variable Rate Open-End Account: Ceilings
Section 303.103. Open-End Account: Change of Agreement Term
Section 303.105. Open-End Account: Disclosure of Certain Rate Variations
Section 303.106. Open-End Account: Ceiling for Plan or Arrangement