On an amount owed for a credit card transaction under a lender credit card agreement that imposes or allows the creditor to receive a merchant discount, the creditor may not contract for, charge, or receive:

1. (1) a rate that exceeds the ceiling provided under Section 303.006(c); or

2. (2) a fee or charge that:

   1. (A) is not allowed under Chapter 346; or
   2. (B) exceeds the amount allowed under Chapter 346.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.