Commercial loans in Texas must follow state law guidelines on interest rates. These laws are part of Chapter 306 of the Texas Finance Code. For auto loans, Texas state law limits lenders to an annual interest rate of no more than 27 percent.
Texas Finance Code Section 302.102 prohibits prepayment penalties on residential mortgage loans secured by the homestead of the borrower if the interest rate on the loan is greater than 12% unless the charge or penalty is required by an agency created by federal law.
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Texas Allowable Charges and 2% Home Equity Fees. Texas Administrative Code, Title 7, Section 83.503 (1). An authorized lender may collect an administrative fee pursuant to Texas Finance Code, §342.201 (f), on interest-bearing and precomputed loans. (1) As an alternative to the maximum administrative fee specified in Texas Finance Code, §342.201 (f),
· But note that Texas has unique laws when it comes to cash-out loans and home equity. In Texas, the maximum loan-to-value (LTV) you can get for your primary residence is 80 percent, adds Ziev.
PLEASE NOTE: Please note the summaries should be used for general informational purposes and not as a legal reference.NCSL is unable to provide guidance to citizens or businesses regarding payday loan laws and practices. If you have questions regarding the application of a state law to a specific payday loan, please contact the Office of the Attorney General in your state.
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But note that Texas has unique laws when it comes to cash-out loans and home equity. In Texas, the maximum loan-to-value (LTV) you can get for your primary residence is 80 percent, adds Ziev.
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Texas Interest Rates Laws. Most states have laws limiting the interest rates a creditor may charge, anywhere from 5 to 15 percent, but consumers usually consent to higher rates by agreeing to the terms of the loan (thus waiving statutory interest rate limits). In Texas, interest rates are statutorily limited to 6 percent,