Bill Text: TX HB371 | 2015-2016 | 84th Legislature | Introduced

Texas House Bill 371 (Prior Session Legislation)

Introduced

Bill Title: Relating to certain extensions of consumer credit facilitated by a credit access business for certain military personnel or their dependents.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2015-04-22 - Left pending in committee [HB371 Detail]

Download: Texas-2015-HB371-Introduced.html

	84R718 RWG-D

	By: McClendon	H.B. No. 371



	A BILL TO BE ENTITLED
	AN ACT
	relating to certain extensions of consumer credit facilitated by a
	credit access business for certain military personnel or their
	dependents.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 393.625, Finance Code, is amended to
	read as follows:
	Sec. 393.625. MILITARY BORROWERS. (a) An extension of
	consumer credit [~~described by Section 393.602(a)~~] that is obtained
	by a credit access business for a member of the United States
	military or a dependent of a member of the United States military or
	that the business assisted that person in obtaining must comply
	with 10 U.S.C. Section 987 and any regulations adopted under that
	law, to the extent applicable.
	(b) With respect to a consumer who is a "covered member" or a
	"dependent" of a covered member, as those terms are defined by 10
	U.S.C. Section 987, the term of an extension of consumer credit in
	the form of a deferred presentment transaction or motor vehicle
	title loan, including all renewals and refinances, obtained for the
	consumer by a credit access business or that a credit access
	business assists the consumer in obtaining may not exceed:
	(1) 90 days, if the debt is a deferred presentment
	transaction; or
	(2) 180 days, if the debt is a motor vehicle title
	loan.
	(c) With respect to a consumer who is a member of the reserve
	component of the United States armed forces, including the national
	guard, or a dependent of those reserve members, the term of an
	extension of consumer credit in the form of a deferred presentment
	transaction or motor vehicle title loan, including all renewals and
	refinances, obtained for the consumer by a credit access business
	or that a credit access business assists the consumer in obtaining
	may not exceed:
	(1) 90 days, if the debt is a deferred presentment
	transaction; or
	(2) 180 days, if the debt is a motor vehicle title
	loan.
	(d) For purposes of Subsection (c), "dependent," with
	respect to a member of the reserve component of the United States
	armed forces, means the spouse or a child of the member.
	SECTION 2. The changes in law made by this Act apply 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, 2015.