Legal Question in Consumer Law in Texas
is it legal to charge 380 percent interest per month on a loan in texas
Asked on 1/30/10, 11:25 am
1 Answer from Attorneys
Ken Gober (Austin TX)
Lee, Gober & Reyna
Not likely, there are some provisions regarding federal preemption for National Banks based in other states, but as a general rule a private lender may not charge 380% interest as that amount of interest would be usurious.
You should consult with an attorney for a more in-depth analysis of your situation.
Good Luck!
Answered on 2/04/10, 3:01 pm
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