81R27625 PMO-F
By: Flynn H.B. No. 3659
Substitute the following for H.B. No. 3659:
By: Flynn C.S.H.B. No. 3659
A BILL TO BE ENTITLED
AN ACT
relating to certain retail installment transactions involving the
sale of motor vehicles.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 348.004(a), Finance Code, is amended to
read as follows:
(a) The cash price is the price at which the retail seller
offers in the ordinary course of business to sell for cash the goods
or services that are subject to the transaction. The advertised
price does not necessarily establish a cash price.
SECTION 2. Section 348.404(b), Finance Code, is amended to
read as follows:
(b) A retail seller, in connection with a retail installment
transaction, may:
(1) advance money to retire:
(A) an amount owed against a motor vehicle used
as a trade-in or a motor vehicle owned by the buyer that has been
declared a total loss by the buyer's insurer; or
(B) the retail buyer's outstanding obligation
under a motor vehicle lease contract, a credit transaction for the
purchase of a motor vehicle, or another retail installment
transaction; and
(2) finance repayment of that money in a retail
installment contract.
SECTION 3. This Act takes effect September 1, 2009.