Legal Question in Business Law in Texas

Re: Individual intrest rates

Depends on the arrangement. If it's in a promissory note or contract, where both parties agree, you can go up to 12% per year. If there's a disagreement, and the charge is in a straight billing, the maximum is 6% simple interest per year. The rate changes every so often, and I haven't checked whether there's a change due on Jan. 1. A contract usually has a provision stating that if the maximum allowed by law is less than the stated amount, interest shall be reduced to conform to law.