Sec. 305.004. ADDITIONAL LIABILITY FOR MORE THAN TWICE AUTHORIZED RATE OF LEGAL INTEREST. (a) In addition to the amount determined under Section 305.003, a creditor who charges and receives legal interest that is greater than twice the amount authorized by this subtitle is liable to the obligor for:
(1) the principal amount on which the interest is charged and received; and
(2) the interest and all other amounts charged and received.
(b) This section applies only to a transaction subject to this subtitle.
Amended 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 305 - Penalties and Remedies
Subchapter A. Civil Liability; Criminal Penalty
Section 305.001. Liability for Usurious Interest
Section 305.002. Additional Liability for More Than Twice Authorized Rate of Interest
Section 305.003. Liability for Usurious Legal Interest
Section 305.004. Additional Liability for More Than Twice Authorized Rate of Legal Interest
Section 305.005. Attorney's Fees
Section 305.006. Limitation on Filing Suit