Credit-account fees are allowed only up to stated caps, creditors may not charge interest on those fees, and monthly statements must show a specified late-charge notice.
Sec. 346.103. FEES. (a) The following fees may be charged to or collected from a customer in connection with an account under this chapter: (1) an annual fee not to exceed: (A) $50 a year on an account with a credit limit of $5,000 or less; (B) $75 a year on an account with a credit limit exceeding $5,000 but not exceeding $25,000; and (C) $125 a year on an account with a credit limit exceeding $25,000; (2) a late charge not to exceed the lesser of $15 or five percent of the payment due after the payment continues unpaid for 10 days or more after the date the payment is due, including Sundays and holidays; (3) a cash advance charge not to exceed the greater of $2 or two percent of the cash advance; (4) a returned check fee as provided for a loan agreement under Chapter 342 by Section 3.506, Business & Commerce Code; and (5) a fee for exceeding a credit limit not to exceed the greater of $15 or five percent of the amount by which the credit limit is exceeded. (b) A creditor may not charge, contract for, or receive interest on fees authorized under this section. (c) A customer's monthly statement must contain the following notice printed or typed in at least 10-point type that is boldfaced, capitalized, underlined, or otherwise conspicuously set out from the surrounding written material: "A LATE CHARGE OF FIVE PERCENT OF THE PAYMENT DUE OR A MAXIMUM OF $15 WILL BE ASSESSED FOR A PAYMENT MADE 10 DAYS OR MORE AFTER THE DATE PAYMENT OF THIS BILL IS DUE." (d) With respect to a revolving credit account secured by an interest in real property, a creditor may contract for, charge, and receive additional fees or charges permitted under Section 342.308 as if the revolving credit account were a secondary mortgage loan under Chapter 342. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 1348, Sec. 2, eff. Sept. 1, 1999; Acts 2003, 78th Leg., ch. 887, Sec. 3, eff. Sept. 1, 2003. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1182 (H.B. 3453), Sec. 9, eff. September 1, 2011. SUBCHAPTER C. CREDITOR'S DUTIES AND AUTHORITY