Texas § FI.346.002 - AVERAGE DAILY BALANCE
Full text of Texas The Texas Constitution § FI.346.002 — AVERAGE DAILY BALANCE, with citation guidance and answers to common questions.
§ FI.346.002. AVERAGE DAILY BALANCE
AVERAGE DAILY BALANCE. (a) The average daily balance of a revolving credit account is computed by: (1) adding all of the ending balances in the account during each day of a billing cycle; and (2) dividing the total under Subdivision (1) by the number of days in the billing cycle. (b) For purposes of Subsection (a), a day's ending balance is computed by: (1) adding the previous day's ending balance and the amount of each loan, lease of goods, or purchase of goods or services posted to the account on the day for which the ending balance is being computed; and (2) subtracting from the result under Subdivision (1) each credit or payment posted to the account on the day for which the ending balance is being computed. (c) A day's ending balance may not include interest. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Frequently Asked Questions About Texas § FI.346.002
What does The Texas Constitution § FI.346.002 cover?
Section FI.346.002 ("AVERAGE DAILY BALANCE") 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.346.002?
A common citation format is "The Texas Constitution § FI.346.002" (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.346.002 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.