Bill Text: TX SB1504 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to requirements related to refunds and credit provided under terminated debt cancellation agreements.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-24 - Referred to Business & Commerce [SB1504 Detail]
Download: Texas-2021-SB1504-Introduced.html
87R6988 MWC-F | ||
By: Hughes | S.B. No. 1504 |
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relating to requirements related to refunds and credit provided | ||
under terminated debt cancellation agreements. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 354.007, Finance Code, is amended by | ||
amending Subsections (e), (f), and (g) and adding Subsection (e-1) | ||
to read as follows: | ||
(e) If the debt cancellation agreement terminates due to the | ||
early termination of the contract, a [ |
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seller shall, not later than the 60th day after the date the debt | ||
cancellation agreement terminates: | ||
(1) refund or credit an appropriate amount of the debt | ||
cancellation agreement fee; or | ||
(2) cause to be refunded or credited an appropriate | ||
amount of the debt cancellation agreement fee by providing written | ||
instruction, including by electronic means, to the administrator of | ||
the agreement [ |
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(e-1) If the debt cancellation agreement terminates due to | ||
the early termination of the contract, a holder, other than a retail | ||
seller, shall, not later than the 30th day after the date the debt | ||
cancellation agreement terminates: | ||
(1) refund or credit an appropriate amount of the debt | ||
cancellation agreement fee; or | ||
(2) cause to be refunded or credited an appropriate | ||
amount of the debt cancellation agreement fee by providing written | ||
instruction, including by electronic means, to the administrator | ||
of the agreement or retail seller, as appropriate. | ||
(f) The administrator of the agreement or retail seller | ||
[ |
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cancellation agreement fee made by another person under Subsection | ||
(e)(2) or (e-1)(2) is made not later than the 60th day after the | ||
date the debt cancellation agreement terminates. | ||
(g) The administrator of the agreement or retail seller | ||
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of a debt cancellation agreement fee made under Subsection (e) or | ||
(e-1) and provide electronic access to those records until the | ||
later of the fourth anniversary of the date of the contract or the | ||
second anniversary of the date of the refund or credit. | ||
SECTION 2. This Act takes effect September 1, 2021. |