Sec. 161.509.  LATE PAYMENTS;  DEFAULT INTEREST RATE.  (a)  The board may impose charges for late payments.
(b)  In addition to charging for late payments under Subsection (a), the board may set and impose a default rate of interest on:
(1)  the past due amounts;  or
(2)  the entire unpaid balance.
Added by Acts 2001, 77th Leg., ch. 333, Sec. 2, eff. May 21, 2001.  Amended by Acts 2003, 78th Leg., ch. 674, Sec. 20, eff. Sept. 1, 2003.