Texas Const. art. XVI, § 11

Texas Constitution

Article XVI, § 11 — USURY; RATE OF INTEREST IN ABSENCE OF LEGISLATION

Texas Const. art. XVI, § 11 (USURY; RATE OF INTEREST IN ABSENCE OF LEGISLATION) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

JurisdictionTexas DocumentConstitution

ArticleXVI

Section§ 11

CitationTexas Const. art. XVI, § 11

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Tex. Const. art. XVI, § 11.

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The Legislature shall have authority to define interest and fix maximum rates of interest; provided, however, in the absence of legislation fixing maximum rates of interest all contracts for a greater rate of interest than ten per centum (10%) per annum shall be deemed usurious; provided, further, that in contracts where no rate of interest is agreed upon, the rate shall not exceed six per centum (6%) per annum. (Feb. 15, 1876. Amended Aug. 11, 1891, Nov. 8, 1960, and Nov. 6, 2001.) (Temporary transition provision for Sec. 11: see Appendix, Note 3.)

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The Legislature shall have authority to define interest and fix maximum rates of interest; provided, however, in the absence of legislation fixing maximum rates of interest all contracts for a greater rate of interest than ten per centum (10%) per annum shall be deemed usurious; provided, further, that in contracts where no rate of interest is agreed upon, the rate shall not exceed six per centum (6%) per annum. (Feb. 15, 1876. Amended Aug. 11, 1891, Nov. 8, 1960, and Nov. 6, 2001.) (Temporary transition provision for Sec. 11: see Appendix, Note 3.)