Sec. 305.008. CRIMINAL PENALTY. (a) A person commits an offense if the person contracts for, charges, or receives interest on a transaction for personal, family, or household use that is greater than twice the amount authorized by this subtitle.
(b) An offense under this section is a misdemeanor punishable by a fine of not more than $1,000.
(c) Each contract or transaction that violates this section is a separate offense.
(d) This section applies only to a contract or transaction subject to this subtitle.
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 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