1371.054 – RATE OF INTEREST. (a) An obligation may bear
Texas Government Code § 1371.054
Summary
This law allows obligations to have no interest or to bear interest at various rates, as long as they do not exceed the legal maximum. It applies to entities issuing obligations and provides flexibility in how interest rates are determined.
Obligations can have zero or variable interest rates.
Interest rates must comply with legal maximums.
Authorization can include formulas or contracts for rate determination.
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In simple terms: Learn about Texas's RATE OF INTEREST. (a) An obligation may bear law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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