Bill Text: TX SB1743 | 2023-2024 | 88th Legislature | Introduced


Bill Title: Relating to increasing the maximum reference base amount for certain consumer loans.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-16 - Referred to Business & Commerce [SB1743 Detail]

Download: Texas-2023-SB1743-Introduced.html
  88R1529 MLH-F
 
  By: Hughes S.B. No. 1743
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to increasing the maximum reference base amount for
  certain consumer loans.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 342.251, Finance Code, is amended to
  read as follows:
         Sec. 342.251.  MAXIMUM CASH ADVANCE. The maximum cash
  advance of a loan made under this subchapter is an amount computed
  under Subchapter C, Chapter 341, using the reference base amount of
  $100, except that for loans that are subject to Section 342.259 the
  reference base amount is $300 [$200].
         SECTION 2.  Section 342.259(a), Finance Code, is amended to
  read as follows:
         (a)  Instead of the charges authorized by Sections 342.201
  and 342.252, a loan made under this subchapter with a maximum cash
  advance computed under Subchapter C, Chapter 341, using a reference
  base amount that is more than $100 but not more than $300 [$200],
  may provide for:
               (1)  an acquisition charge that is not more than $10;
  and
               (2)  an installment account handling charge that is not
  more than the ratio of $4 a month for each $100 of cash advance.
         SECTION 3.  The changes in law made by this Act apply only to
  a loan made on or after the effective date of this Act. A loan made
  before the effective date of this Act is governed by the law in
  effect on the date the loan was made, and the former law is
  continued in effect for that purpose.
         SECTION 4.  This Act takes effect September 1, 2023.
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