| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R27625 PMO-F | |
| 2 | 2 | By: Flynn H.B. No. 3659 | |
| 3 | 3 | Substitute the following for H.B. No. 3659: | |
| 4 | 4 | By: Flynn C.S.H.B. No. 3659 | |
| 5 | 5 | ||
| 6 | 6 | ||
| 7 | 7 | A BILL TO BE ENTITLED | |
| 8 | 8 | AN ACT | |
| 9 | 9 | relating to certain retail installment transactions involving the | |
| 10 | 10 | sale of motor vehicles. | |
| 11 | 11 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 12 | 12 | SECTION 1. Section 348.004(a), Finance Code, is amended to | |
| 13 | 13 | read as follows: | |
| 14 | 14 | (a) The cash price is the price at which the retail seller | |
| 15 | 15 | offers in the ordinary course of business to sell for cash the goods | |
| 16 | 16 | or services that are subject to the transaction. The advertised | |
| 17 | 17 | price does not necessarily establish a cash price. | |
| 18 | 18 | SECTION 2. Section 348.404(b), Finance Code, is amended to | |
| 19 | 19 | read as follows: | |
| 20 | 20 | (b) A retail seller, in connection with a retail installment | |
| 21 | 21 | transaction, may: | |
| 22 | 22 | (1) advance money to retire: | |
| 23 | 23 | (A) an amount owed against a motor vehicle used | |
| 24 | 24 | as a trade-in or a motor vehicle owned by the buyer that has been | |
| 25 | 25 | declared a total loss by the buyer's insurer; or | |
| 26 | 26 | (B) the retail buyer's outstanding obligation | |
| 27 | 27 | under a motor vehicle lease contract, a credit transaction for the | |
| 28 | 28 | purchase of a motor vehicle, or another retail installment | |
| 29 | 29 | transaction; and | |
| 30 | 30 | (2) finance repayment of that money in a retail | |
| 31 | 31 | installment contract. | |
| 32 | 32 | SECTION 3. This Act takes effect September 1, 2009. |