Bill Text: TX HB2019 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to a limitation on the total charges in connection with certain extensions of consumer credit facilitated by a credit services organization.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2013-04-15 - Left pending in committee [HB2019 Detail]
Download: Texas-2013-HB2019-Introduced.html
| 83R1783 ATP-F | ||
| By: Craddick | H.B. No. 2019 | |
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| relating to a limitation on the total charges in connection with | ||
| certain extensions of consumer credit facilitated by a credit | ||
| services organization. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter D, Chapter 393, Finance Code, is | ||
| amended by adding Section 393.308 to read as follows: | ||
| Sec. 393.308. RESTRICTION ON AMOUNT CHARGED IN CONNECTION | ||
| WITH EXTENSION OF CONSUMER CREDIT. Total charges in connection | ||
| with an extension of consumer credit that a credit services | ||
| organization obtains for a consumer or assists the consumer in | ||
| obtaining, including interest, lender charges, and any valuable | ||
| consideration received by the credit services organization, may not | ||
| exceed the permissible interest and fee and other charges for a | ||
| similar type of consumer loan under Subchapter E or F, Chapter 342. | ||
| SECTION 2. Section 393.308, Finance Code, as added by this | ||
| Act, applies only to an agreement entered into or renewed on or | ||
| after September 1, 2013, providing for amounts to be charged in | ||
| connection with an extension of consumer credit. An agreement | ||
| described by this section that is entered into or renewed before | ||
| September 1, 2013, is governed by the law as it existed on the date | ||
| the agreement was entered into or renewed, and the former law is | ||
| continued in effect for that purpose. | ||
| SECTION 3. This Act takes effect September 1, 2013. | ||
