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Can you summarize Tex. Fin. Section 339.002?
MISCELLANEOUS PROVISIONS RELATING TO INTEREST > BILLING CYCLE INTEREST LIMITATION ON OPEN-END ACCOUNT WITHOUT MERCHANT DISCOUNT.
Short Summary
(a) This section applies to an open-end account agreement that provides for credit card transactions: (1) in which the creditor relies on one of the ceilings authorized by Chapter 303 for the rate of interest; and (2) in connection with which the creditor does not impose or receive a merchant discount. (b) Interest or time price differential may not be charged for a billing cycle of an open-end account credit agreement if: (1) the total amount of the obligor’s payments during the cycle equal or exceed the balance owed under the agreement at the end of the preceding billing cycle; or (2) an amount is not owed under the agreement at the end of the preceding billing cycle. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Jurisdiction
Texas