By: Cain S.B. No. 1429
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the charging of interest under certain agreements.
1-2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-3 SECTION 1. Article 1.03, Title 79, Revised Statutes (Article
1-4 5069-1.03, Vernon's Texas Civil Statutes, is amended to read as
1-5 follows:
1-6 Art. 1.03. LEGAL RATE APPLICABLE. When no specified rate of
1-7 interest is agreed upon by the parties, interest at the rate of six
1-8 percent per annum shall be allowed on all accounts and contracts
1-9 ascertaining the sum payable, commencing on the <thirtieth (30th)>
1-10 day <from and after the time when> the sum is due and payable.
1-11 SECTION 2. The importance of this legislation and the
1-12 crowded condition of the calendars in both houses create an
1-13 emergency and an imperative public necessity that the
1-14 constitutional rule requiring bills to be read on three several
1-15 days in each house be suspended, and this rule is hereby suspended,
1-16 and that this Act take effect and be in force from and after its
1-17 passage, and it is so enacted.