Tex. Codes » Finance Code · TITLE 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · SUBTITLE A. INTEREST · CHAPTER 302. INTEREST RATES
Texas Codes

Tex. Fin. Code § 302.002 (2026)

Accrual Of Interest When No Rate Specified

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Sec. 302.002. ACCRUAL OF INTEREST WHEN NO RATE SPECIFIED. If a creditor has not agreed with an obligor to charge the obligor any interest, the creditor may charge and receive from the obligor legal interest at the rate of six percent a year on the principal amount of the credit extended beginning on the 30th day after the date on which the amount is due. If an obligor has agreed to pay to a creditor any compensation that constitutes interest, the obligor is considered to have agreed on the rate produced by the amount of that interest, regardless of whether that rate is stated in the agreement.

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

SUBCHAPTER B. OTHER RATES AND PROVISIONS ON LOANS SECURED BY REAL PROPERTY


Notes of Decisions
Cited in 85 cases (5 in the last 5 years), 1998–2025 · leading case: Walden v. Affiliated Comput. Servs., Inc., 97 S.W.3d 303 (Tex. App.—Houston [14th Dist.] 2003).
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Walden v. Affiliated Comput. Servs., Inc., 97 S.W.3d 303 (Tex. App.—Houston [14th Dist.] 2003). · cites it 6× “In 1999, the Legislature amended Texas Finance Code section 302.002 to delete the *330 language of former article 5069-1.”
Hoxie Implement Co. v. Baker, 65 S.W.3d 140 (Tex. App.—Amarillo 2001). · cites it 4× “Tex. Fin.Code Ann. § 302.002. Similarly clear is the fact that Hoxie demanded 18% per annum through the January 15th letter and attachment.”
Chase Home Fin., L.L.C. v. Cal W. Reconveyance Corp., 309 S.W.3d 619 (Tex. App.—Houston [14th Dist.] 2010). · cites it 3× “6 See Tex. Fin.Code Ann. § 302.002 (Vernon 2006); American Centennial Ins.”
Adams v. H & H Meat Prods., Inc., 41 S.W.3d 762 (Tex. App.—Corpus Christi 2001). · cites it 2× “Interest Adams contends that in accordance with Texas Finance Code section 302.002, contract interest, absent agreement, is six percent.”
Aquila Sw. Pipeline, Inc. v. Harmony Expl., Inc., 48 S.W.3d 225 (Tex. App.—San Antonio 2001). · cites it 2× “See Tex. Fin.Code Ann. § 302.002 (Vernon 1998) (formerly Tex.”
Clements v. Minnesota Life Ins. Co., 176 S.W.3d 258 (Tex. App.—Houston [1st Dist.] 2004). · cites it 4× “See Tex. Fin.Code Ann. § 302.002. Likewise, we cannot hold that, under the facts of this case, the trial court abused its discretion in not awarding prejudgment interest to Clements under equitable principles.”
AU Pharm., Inc. v. Boston, 986 S.W.2d 331 (Tex. App.—Texarkana 1999). · cites it 3× “*334 PREJUDGMENT INTEREST AU contends that the trial court erred in awarding six percent prejudgment interest pursuant to Tex. Fin.Code Ann. § 302.002 (Vernon 1998), 1 effective September 1,1997, which reads as follows: When no specified rate of interest is agreed on by the…”
Smith v. Huston, 251 S.W.3d 808 (Tex. App.—Fort Worth 2008). · cites it 2× “Tex. Fin.Code Ann. § 302.002 (Vernon 2006).”
Academy Corp. v. Interior Buildout & Turnkey Constr. Inc., 21 S.W.3d 732 (Tex. App.—Houston [14th Dist.] 2000). · cites it 2× “See Tex. Fin. Code Ann. § 302.002 (Vernon Supp.”
West Beach Marina, Ltd. v. Erdeljac, 94 S.W.3d 248 (Tex. App.—Austin 2002). “See generally Tex. Fin.Code Ann. § 302.002 (West 1998); Rio Grande Land & Cattle Co.”
ExxonMobil Corp. v. Valence Operating Co., 174 S.W.3d 303 (Tex. App.—Houston [1st Dist.] 2005). “See TEX. FIN.CODE ANN. § 302.002 (Vernon 1998).”
Strasburger Enter., Inc. v. TDGT Ltd. P'ship, 110 S.W.3d 566 (Tex. App.—Austin 2003). · cites it 2× “See Tex. Fin.Code Ann. § 302.002. Section 302.”
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