TX
Texas House Bill HB768

Texas 2025 - 89th Regular

Texas House Bill HB768

Voted on by House
 
Out of Senate Committee
 
Voted on by Senate
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

Impact

The proposed legislation is set to enhance consumer protections by enforcing stricter regulations on credit services organizations. For example, it mandates that credit access businesses must maintain thorough records for extensions of credit and establishes penalties for violations. Furthermore, the bill does not preempt municipal ordinances, thus ensuring that local governments can impose more stringent regulations if deemed necessary. This change is likely to encourage fairer treatment of consumers, especially vulnerable populations who often depend on such financial services.

Summary

House Bill 768 introduces significant amendments to the Finance Code in Texas, specifically aimed at regulating credit services organizations and the extensions of consumer credit they facilitate. The bill expands the definitions related to credit services and introduces clear parameters under which credit access businesses can operate. Key forms of extensions of consumer credit are specified, including single-payment and multiple-payment deferred presentment transactions, as well as motor vehicle title loans, thus providing clarity in an area that significantly impacts consumers seeking credit solutions.

Contention

However, the bill has raised concerns among various stakeholders regarding potential impacts on access to credit. Critics argue that implementing strict regulatory controls might decrease the availability of consumer credit options, which could disproportionately affect low-income consumers who rely on short-term loans for urgent financial needs. The balance between protecting consumers and ensuring their access to credit remains a point of contention in legislative discussions surrounding HB 768.

Texas Constitutional Statutes Affected

Finance Code

  • Chapter 393. Credit Services Organizations
    • Section: New Section
    • Section: 203
    • Section: 223
    • Section: 501
    • Section: 604
    • Section: 620

Latest HB768 Activity

Companion Bills

No companion bills found.

Previously Filed As

TX HB297

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB2256

Relating to a restriction on total charges charged for extensions of consumer credit that a credit services organization obtains for a consumer or assists a consumer in obtaining.

TX HB1384

Relating to a restriction on total charges charged for certain extensions of consumer credit that are facilitated by credit access businesses and entered into by consumers residing in disaster areas.

TX SB895

Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.

TX SB2245

Relating to the regulation of earned wage access services; creating a criminal offense; providing an administrative penalty; authorizing a fee.

TX SB224

Relating to catalytic converters, including criminal conduct involving catalytic converters; providing an administrative penalty; creating a criminal offense; increasing a criminal penalty; increasing a fee.

TX HB4598

Relating to catalytic converters, including criminal conduct involving catalytic converters; providing an administrative penalty; creating a criminal offense; increasing a criminal penalty; increasing a fee.

TX SB1371

Relating to the regulation of consumer credit transactions and the regulatory authority of the consumer credit commissioner; changing a fee.

TX HB3275

Relating to the regulation of consumer credit transactions and the regulatory authority of the consumer credit commissioner; changing a fee.

TX SB1427

Relating to certain criminal conduct and organizations that threaten the security of this state and its residents and borders; increasing criminal penalties.

Similar Bills

TX HB3047

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB297

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB1134

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB206

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB1258

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB2808

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB242

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX SB1716

Relating to extensions of consumer credit a credit services organization obtains for a consumer or assists a consumer in obtaining; providing a civil penalty.