Sec. 303.402. PENALTY FOR VIOLATION OF CHAPTER FOR CERTAIN CONTRACTS SUBJECT TO SUBTITLE B. (a) A person who contracts for, charges, or receives under a contract subject to Chapter 342, 345, 346, 347, 348, or 353, including a contract for an open-end account, a rate or amount of time price differential that exceeds the maximum applicable rate or amount authorized by the applicable chapter or this chapter is subject to a penalty for that violation determined under Chapter 349.
(b) For a contract described by Subsection (a) that contains a rate or amount authorized under this chapter, the failure to perform a duty or comply with a prohibition provided by this chapter is subject to Chapter 349 as if this chapter were in Subtitle B.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 4, eff. September 1, 2011.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Chapter 303 - Optional Rate Ceilings
Section 303.401. When Act or Omission Not Violation
Section 303.402. Penalty for Violation of Chapter for Certain Contracts Subject to Subtitle B
Section 303.403. Penalty for Violation of Ceiling in Certain Contracts
Section 303.404. Enforcement by Consumer Credit Commissioner
Section 303.405. Examination of Records; Inspections; Rules
Section 303.406. Enforcement by Credit Union Commissioner
Section 303.407. Enforcement by Texas Department of Insurance