Bill Text: TX SB363 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to prohibiting daily simple interest home loans.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-03-09 - Referred to Natural Resources & Economic Development [SB363 Detail]
Download: Texas-2021-SB363-Introduced.html
| 87R1016 SRA-D | ||
| By: Miles | S.B. No. 363 | |
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| relating to prohibiting daily simple interest home loans. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 343, Finance Code, is | ||
| amended by adding Section 343.107 to read as follows: | ||
| Sec. 343.107. DAILY SIMPLE INTEREST HOME LOANS PROHIBITED. | ||
| (a) In this section, "daily simple interest home loan" means a home | ||
| loan that accrues interest daily on the outstanding balance of the | ||
| loan. | ||
| (b) A lender may not make a daily simple interest home loan. | ||
| SECTION 2. Section 343.107, Finance Code, as added by this | ||
| Act, applies only to a loan closed on or after the effective date of | ||
| this Act. | ||
| SECTION 3. This Act takes effect September 1, 2021. | ||
