Bill Text: TX SB91 | 2015-2016 | 84th Legislature | Introduced

Texas Senate Bill 91 (Prior Session Legislation)

Introduced

Bill Title: Relating to a restriction on charges charged for certain extensions of consumer credit that a credit access business obtains for a consumer or assists a consumer in obtaining.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2015-01-26 - Referred to Business & Commerce [SB91 Detail]

Download: Texas-2015-SB91-Introduced.html

	84R1640 ATP-D

	By: Ellis	S.B. No. 91



	A BILL TO BE ENTITLED
	AN ACT
	relating to a restriction on charges charged for certain extensions
	of consumer credit that a credit access business obtains for a
	consumer or assists a consumer in obtaining.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Subchapter D, Chapter 393, Finance Code, is
	amended by adding Section 393.308 to read as follows:
	Sec. 393.308. RESTRICTION ON INTEREST CHARGED IN CONNECTION
	WITH CERTAIN EXTENSIONS OF CONSUMER CREDIT FACILITATED BY CREDIT
	ACCESS BUSINESS. (a) In this section, "credit access business" has
	the meaning assigned by Section 393.601.
	(b) For purposes of this section, the annual percentage rate
	of an extension of consumer credit is calculated including the
	total charges charged to the consumer in connection with the
	extension of consumer credit, including interest, lender charges,
	and any fees or any other valuable consideration received by the
	credit access business.
	(c) The annual percentage rate of an extension of consumer
	credit in the form of a deferred presentment transaction or motor
	vehicle title loan that a credit access business obtains for a
	consumer or assists a consumer in obtaining may not exceed 36
	percent.
	SECTION 2. Section 393.602(b), Finance Code, is amended to
	read as follows:
	(b) Subject to Section 393.308, a [A] credit access business
	may assess fees for its services as agreed to between the parties.
	A credit access business fee may be calculated daily, biweekly,
	monthly, or on another periodic basis. A credit access business is
	permitted to charge amounts allowed by other laws, as applicable. A
	fee may not be charged unless it is disclosed.
	SECTION 3. The changes in law made by this Act to Chapter
	393, Finance Code, 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 4. This Act takes effect September 1, 2015.