The interest rate on a loan to a member may not exceed:

1. (1) 1-1/2 percent per month on the unpaid balance;
2. (2) 28 percent a year to the extent that federal credit unions are permitted to charge that rate; or
3. (3) a higher rate authorized by law, including a rate authorized by Chapter 303.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 16, eff. September 1, 2013.