Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 124.153 - Penalty for Late Payment(a) A credit union, in accordance with its bylaws, may charge a member a penalty when a loan payment is past due.(b) A credit union may charge only one penalty on each past due payment.(c) A penalty under this section is not interest.
Tex. Fin. Code § 124.153
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.