Bill Text: TX HB2410 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to the repossession of a motor vehicle after default on a motor vehicle title loan.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-03-13 - Referred to Pensions, Investments & Financial Services [HB2410 Detail]
Download: Texas-2023-HB2410-Introduced.html
88R7024 JES-D | ||
By: Walle | H.B. No. 2410 |
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relating to the repossession of a motor vehicle after default on a | ||
motor vehicle title loan. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Chapter 393, Finance Code, is amended by adding | ||
Subchapter G-1 to read as follows: | ||
SUBCHAPTER G-1. REPOSSESSION OF MOTOR VEHICLE AFTER DEFAULT | ||
Sec. 393.651. DEFINITIONS. In this subchapter, "credit | ||
access business" and "motor vehicle title loan" have the meanings | ||
assigned by Section 393.601. | ||
Sec. 393.652. APPLICABILITY. This subchapter applies only | ||
to a motor vehicle title loan that a credit access business obtained | ||
for a consumer or assisted a consumer in obtaining under this | ||
chapter. | ||
Sec. 393.653. RESTRICTION ON COLLECTION OF DEFICIENCY | ||
BALANCE AFTER REPOSSESSION SALE. Notwithstanding any other law, a | ||
credit access business or other person who repossesses a motor | ||
vehicle given as security for a motor vehicle title loan after a | ||
default under the loan may not collect from the consumer any | ||
deficiency resulting from the sale of the vehicle unless, before | ||
the vehicle is repossessed, the consumer: | ||
(1) damages the vehicle; or | ||
(2) wrongfully fails, after default and demand, to | ||
make the vehicle available to the lender or other person. | ||
SECTION 2. The changes in law made by this Act apply only to | ||
a motor vehicle title loan entered into on or after the effective | ||
date of this Act. | ||
SECTION 3. This Act takes effect September 1, 2023. |