Texas § FI.302.002 - ACCRUAL OF INTEREST WHEN NO RATE SPECIFIED
Full text of Texas The Texas Constitution § FI.302.002 — ACCRUAL OF INTEREST WHEN NO RATE SPECIFIED, with citation guidance and answers to common questions.
§ FI.302.002. ACCRUAL OF INTEREST WHEN NO RATE SPECIFIED
ACCRUAL OF INTEREST WHEN NO RATE SPECIFIED. If a creditor has not agreed with an obligor to charge the obligor any interest, the creditor may charge and receive from the obligor legal interest at the rate of six percent a year on the principal amount of the credit extended beginning on the 30th day after the date on which the amount is due. If an obligor has agreed to pay to a creditor any compensation that constitutes interest, the obligor is considered to have agreed on the rate produced by the amount of that interest, regardless of whether that rate is stated in the agreement. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999. SUBCHAPTER B. OTHER RATES AND PROVISIONS ON LOANS SECURED BY REAL PROPERTY
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.302.002
What does The Texas Constitution § FI.302.002 cover?
Section FI.302.002 ("ACCRUAL OF INTEREST WHEN NO RATE SPECIFIED") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.302.002?
A common citation format is "The Texas Constitution § FI.302.002" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.302.002 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.