Bill Text: TX HB2925 | 2011-2012 | 82nd Legislature | Introduced

Texas House Bill 2925 (Prior Session Legislation)

Introduced

Bill Title: Relating to the extension of consumer credit to certain members of the Texas National Guard and armed forces of the United States and their dependents; providing a penalty.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-03-17 - Referred to Pensions, Investments & Financial Services [HB2925 Detail]

Download: Texas-2011-HB2925-Introduced.html

	82R13838 CLG-D

	By: Farias	H.B. No. 2925



	A BILL TO BE ENTITLED
	AN ACT
	relating to the extension of consumer credit to certain members of
	the Texas National Guard and armed forces of the United States and
	their dependents; providing a penalty.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Subtitle B, Title 4, Finance Code, is amended by
	adding Chapter 353 to read as follows:
	CHAPTER 353. EXTENSION OF CONSUMER CREDIT TO SERVICEMEMBERS OR
	THEIR DEPENDENTS
	Sec. 353.001. DEFINITIONS. In this chapter:
	(1) "Consumer credit" has the meaning assigned by 10
	U.S.C. Section 987.
	(2) "Creditor" means a person who:
	(A) is engaged in the business of extending
	consumer credit; or
	(B) transacts, negotiates, or services an
	extension of consumer credit.
	(3) "Servicemember" means a member of the United
	States armed forces or a member of the Texas National Guard called
	to federal active duty.
	(4) "Dependent," with respect to a servicemember,
	means the servicemember's spouse or dependent child.
	(5) "Dependent child" means a person who is unmarried
	and who:
	(A) is under 18 years of age;
	(B) before the person's 18th birthday, became
	permanently incapable of self-support; or
	(C) is under 23 years of age and is pursuing a
	course of instruction at an approved educational institution.
	Sec. 353.002. INAPPLICABILITY OF CHAPTER. This chapter
	does not apply to:
	(1) an insured depository institution, as that term is
	defined by Section 3, Federal Deposit Insurance Act (12 U.S.C.
	Section 1813); or
	(2) an insured credit union, as that term is defined by
	Section 101, Federal Credit Union Act (12 U.S.C. Section 1752).
	Sec. 353.003. TERMS OF CONSUMER CREDIT EXTENDED TO CERTAIN
	SERVICEMEMBERS AND DEPENDENTS; CERTAIN BENEFITS AND PROTECTIONS. A
	creditor who extends consumer credit to a servicemember or a
	servicemember's dependent not covered by 10 U.S.C. Section 987, as
	that law existed on September 1, 2011, shall apply to those persons
	the same benefits and protections that the creditor is required to
	apply to a covered member of the armed forces or the covered
	member's dependent under that federal law and regulations adopted
	pursuant to that law.
	Sec. 353.004. CRIMINAL PENALTY. (a) A creditor commits an
	offense if the creditor knowingly violates 10 U.S.C. Section 987,
	as that law existed on September 1, 2011, or a federal regulation
	adopted pursuant to that law. An offense under this subsection is a
	Class A misdemeanor.
	(b) A creditor commits an offense if the creditor knowingly
	violates Section 353.003. An offense under this subsection is a
	Class A misdemeanor.
	Sec. 353.005. REMEDIES AND ADDITIONAL PENALTIES. (a) The
	remedies and rights available under this chapter are in addition to
	and do not preclude any remedy otherwise available under law to a
	servicemember or a servicemember's dependent, including any award
	for consequential or punitive damages.
	(b) On violation of this chapter, a creditor is subject to
	all remedies and penalties authorized by Chapter 14.
	SECTION 2. Chapter 353, Finance Code, as added by this Act,
	applies only to an extension of consumer credit made on or after the
	effective date of this Act. An extension of consumer credit made
	before the effective date of this Act is governed by the law in
	effect on the date the extension of consumer credit was made, and
	the former law is continued in effect for that purpose.
	SECTION 3. This Act takes effect September 1, 2011.