Bill Text: TX SB998 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the partial repayment of certain extensions of consumer credit obtained for a consumer by a credit access business or that a credit access business assists the consumer in obtaining.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2013-03-12 - Referred to Business & Commerce [SB998 Detail]
Download: Texas-2013-SB998-Introduced.html
| By: Davis, Rodriguez | S.B. No. 998 | |
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| relating to the partial repayment of certain extensions of consumer | ||
| credit obtained for a consumer by a credit access business or that a | ||
| credit access business assists the consumer in obtaining. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter G, Chapter 393, Finance Code, is | ||
| amended by adding Section 393.629 to read as follows: | ||
| Sec. 393.629. PARTIAL REPAYMENT OF PRINCIPAL BALANCE OF | ||
| CERTAIN EXTENSIONS OF CONSUMER CREDIT. A credit access business | ||
| may not obtain for a consumer or assist a consumer in obtaining an | ||
| extension of consumer credit in the form of a deferred presentment | ||
| transaction or motor vehicle title loan unless the loan contract | ||
| provides that the lender must accept partial repayment of the | ||
| principal balance of the loan from the consumer, with no additional | ||
| fees or penalties, at any time during regular business hours. | ||
| SECTION 2. Section 393.629, Finance Code, as added by this | ||
| Act, applies only to an extension of credit made on or after the | ||
| effective date of this Act. An extension of credit made before the | ||
| effective date of the Act is governed by the law in effect on the | ||
| date the extension of credit was made, and the former law is | ||
| continued in effect for that purpose. | ||
| SECTION 3. This Act takes effect September 1, 2013. | ||
