By Hunter of Nueces H.B. No. 2674
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the charging of interest under certain agreements.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Article 1.03, Title 79, Revised Statutes (Article
1-5 5069-1.03, Vernon's Texas Civil Statutes, is amended to read as
1-6 follows:
1-7 Art. 1.03. Legal rate applicable. When no specified rate of
1-8 interest is agreed upon by the parties, interest at the rate of six
1-9 percent per annum shall be allowed on all accounts and contracts
1-10 ascertaining the sum payable, commencing on the <thirtieth (30th)>
1-11 day <from and after the time when> the sum is due and payable.
1-12 SECTION 2. The importance of this legislation and the
1-13 crowded condition of the calendars in both houses create an
1-14 emergency and an imperative public necessity that the
1-15 constitutional rule requiring bills to be read on three several
1-16 days in each house be suspended, and this rule is hereby suspended,
1-17 and that this Act take effect and be in force from and after its
1-18 passage, and it is so enacted.