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Texas Laws | Finance Code
FINANCE CODE
TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

(b) Subject to an agreement between the governing body and the banking district or credit union district depository, public funds deposited in the district depository may earn a fixed interest rate that is at or below the financial institution's or credit union's posted two-year certificate of deposit rate, as appropriate. The terms of the agreement must be specified in the applicable resolution adopted under Section 279.151. (14909)

Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015. (14910)

Sec. 279.153. DEPOSIT OF PUBLIC FUNDS BY STATE. (14911)(Text)

(a) If the comptroller designates the financial institution as a state depository under Subchapter C, Chapter 404, Government Code, the comptroller may deposit public funds with a financial institution designated as a banking district depository under Section 279.151(a). (14912)

(b) If the comptroller designates the credit union as a state depository under Subchapter C, Chapter 404, Government Code, the comptroller may deposit public funds with a credit union designated as a credit union district depository under Section 279.151(b). (14913)

(c) For purposes of Subsections (a) and (b), a financial institution or credit union is subject to the collateral requirements of Section 404.031, Government Code. (14914)

(d) Subject to an agreement between the comptroller and the banking district or credit union district depository, public funds deposited in the district depository may earn a fixed interest rate that is at or below the financial institution's or credit union's posted two-year certificate of deposit rate, as appropriate. (14915)

(e) In calculating the yield under Section 2256.006, Government Code, of public funds deposited in a banking district or credit union district depository, the comptroller may consider the benefit to this state of stimulating economic development. (14916)

Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015. (14917)

TITLE 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS (14918)(Text)

SUBTITLE A. INTEREST (14919)(Text)

CHAPTER 301. GENERAL PROVISIONS (14920)(Text)
Sec. 301.001. SHORT TITLE. (14921)(Text)

This title may be cited as the Texas Credit Title. (14922)

Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999. (14923)

Sec. 301.002. DEFINITIONS. (14924)(Text)

(a) In this subtitle: (14925)

(1) "Contract interest" means interest that an obligor has paid or agreed to pay to a creditor under a written contract of the parties. The term does not include judgment interest. (14926)

(2) "Credit card transaction" means a transaction for personal, family, or household use in which a credit card, plate, coupon book, or credit card cash advance check may be used or is used to debit an open-end account in connection with: (14927)

(A) a purchase or lease of goods or services; or (14928)

(B) a loan of money. (14929)

(3) "Creditor" means a person who loans money or otherwise extends credit. The term does not include a judgment creditor. (14930)

(4) "Interest" means compensation for the use, forbearance, or detention of money. The term does not include time price differential, regardless of how it is denominated. The term does not include compensation or other amounts that are determined or stated by this code or other applicable law not to constitute interest or that are permitted to be contracted for, charged, or received in addition to interest in connection with an extension of credit. (14931)

(5) "Judgment creditor" means a person to whom a money judgment is payable. (14932)

(6) "Judgment debtor" means a person obligated to pay a money judgment. (14933)

(7) "Judgment interest" means interest on a money judgment, whether the interest accrues before, on, or after the date the judgment is rendered. (14934)

(8) "Legal interest" means interest charged or received in the absence of any agreement by an obligor to pay contract interest. The term does not include judgment interest. (14935)

(9) "Lender credit card agreement": (14936)

(A) means an agreement between a creditor and an obligor that provides that: (14937)

(i) the obligor, by means of a credit card transaction for personal, family, or household use, may: (14938)

(a) obtain loans from the creditor directly or through other participating persons; and (14939)

(b) lease or purchase goods or services from more than one participating lessor or seller who honors the creditor's credit card; (14940)

(ii) the creditor or another person acting in cooperation with the creditor is to reimburse the participating persons, lessors, or sellers for the loans or the goods or services purchased or leased; (14941)

(iii) the obligor is to pay the creditor the amount of the loan or cost of the lease or purchase; (14942)

(iv) the unpaid balance of the loan, lease, or purchase and interest on that unpaid balance are debited to the obligor's account under the agreement; (14943)

(v) interest may be computed on the balances of the obligor's account but is not precomputed; and (14944)

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