Tex. Gov't Code § 2251.027

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 2251.027 - Payment of Interest By Political Subdivision

(a) A political subdivision shall compute interest imposed on the political subdivision under this chapter.

(b) The political subdivision shall pay the interest at the time payment is made on the principal.

(c) The political subdivision shall submit the interest payment with the net amount due for the goods or service.

(d) The political subdivision may not require a vendor to petition, bill, or wait an additional day to receive the interest due.

(e) The political subdivision may not require a vendor or subcontractor to agree to waive the vendor's or subcontractor's right to interest under this chapter as a condition of the contract between the parties.

Tex. Gov't. Code § 2251.027

Amended By Acts 2001, 77th Leg., ch. 1158, Sec. 69, eff. 6/15/2001.

Amended by Acts 1997, 75th Leg., ch. 1254, Sec. 1, eff. 9/1/1997

Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. 9/1/1993.