Bill Text: TX HB3292 | 2019-2020 | 86th Legislature | Comm Sub
Bill Title: Relating to sale-leaseback transactions.
Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: (Introduced - Dead) 2019-04-24 - Committee report sent to Calendars [HB3292 Detail]
Download: Texas-2019-HB3292-Comm_Sub.html
86R26745 GRM-D | |||
By: Gutierrez, Flynn, Kuempel, Capriglione, | H.B. No. 3292 | ||
Shaheen | |||
Substitute the following for H.B. No. 3292: | |||
By: Flynn | C.S.H.B. No. 3292 |
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relating to sale-leaseback transactions. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Sections 341.001(9) and (10), Finance Code, are | ||
amended to read as follows: | ||
(9) "Loan" has the meaning assigned by Section 301.002 | ||
and includes [ |
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presentment transaction. The term includes a sale-leaseback | ||
transaction, other than a sale-leaseback transaction that: | ||
(A) may be terminated at any time; | ||
(B) complies with 10 U.S.C. Section 987 and any | ||
regulations adopted under that law, to the extent applicable; | ||
(C) complies with 15 U.S.C. Section 1601 et seq. | ||
and any regulations adopted under that law, to the extent | ||
applicable; and | ||
(D) advises the consumer that complaints may be | ||
filed with the office of the attorney general or the Office of | ||
Consumer Credit Commissioner. | ||
(10) "Sale-leaseback transaction" means a transaction | ||
in which a person sells personal property used primarily for | ||
personal, family, or household use and the buyer of the property | ||
agrees to lease the property back to the seller. [ |
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SECTION 2. The changes in law made by this Act apply only to | ||
a sale-leaseback transaction entered into on or after the effective | ||
date of this Act. A sale-leaseback transaction entered into before | ||
the effective date of this Act is governed by the law in effect on | ||
the date the sale-leaseback transaction was entered into, and the | ||
former law is continued in effect for that purpose. | ||
SECTION 3. This Act takes effect September 1, 2019. |