Bill Text: TX SB254 | 2011-2012 | 82nd Legislature | 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 3-0)
Status: (Introduced - Dead) 2011-02-23 - Co-author authorized [SB254 Detail]
Download: Texas-2011-SB254-Introduced.html
By: Davis | S.B. No. 254 | |
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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) "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. | ||
(2) "Extension of consumer credit" means the right to | ||
defer payment of debt offered or granted primarily for personal, | ||
family, or household purposes or to incur the debt and defer its | ||
payment. | ||
(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. FEDERAL REQUIREMENTS APPLICABLE. (a) A | ||
creditor who extends consumer credit to a servicemember or a | ||
servicemember's dependent must comply with Section 670, Public Law | ||
109-364 or any regulation adopted pursuant thereto. | ||
(b) A creditor shall apply the protections under Section | ||
670, Public Law 109-364 to servicemembers and servicemember's | ||
dependents as defined under Section 353.001. | ||
(c) A violation of any provision of Section 670, Public Law | ||
109-364 or any regulation adopted pursuant thereto shall be deemed | ||
a violation of this chapter. | ||
Sec. 353.004. CRIMINAL PENALTY. A creditor who knowingly | ||
violates this chapter commits an offense. An offense under this | ||
section 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. |