| 1 | 1 | | 81R10824 PMO-F |
|---|
| 2 | 2 | | By: Harris S.B. No. 2387 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to regulation of certain credit transactions and lenders. |
|---|
| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 9 | 9 | | SECTION 1. Section 348.004, Finance Code, is amended by |
|---|
| 10 | 10 | | adding Subsection (d) to read as follows: |
|---|
| 11 | 11 | | (d) The cash price is: |
|---|
| 12 | 12 | | (1) the amount negotiated by a retail buyer and retail |
|---|
| 13 | 13 | | seller; or |
|---|
| 14 | 14 | | (2) an advertised price, but only if the advertisement |
|---|
| 15 | 15 | | states that the advertised price is the same as the cash price. |
|---|
| 16 | 16 | | SECTION 2. Section 348.404(b), Finance Code, is amended to |
|---|
| 17 | 17 | | read as follows: |
|---|
| 18 | 18 | | (b) A retail seller, in connection with a retail installment |
|---|
| 19 | 19 | | transaction, may: |
|---|
| 20 | 20 | | (1) advance money to retire: |
|---|
| 21 | 21 | | (A) an amount owed against a motor vehicle used |
|---|
| 22 | 22 | | as a trade-in or a motor vehicle owned by the buyer that has been |
|---|
| 23 | 23 | | declared a total loss by the buyer's insurer; or |
|---|
| 24 | 24 | | (B) the retail buyer's outstanding obligation |
|---|
| 25 | 25 | | under a lease contract or another credit or retail installment |
|---|
| 26 | 26 | | transaction; and |
|---|
| 27 | 27 | | (2) finance repayment of that money in a retail |
|---|
| 28 | 28 | | installment contract. |
|---|
| 29 | 29 | | SECTION 3. Section 349.303, Finance Code, is amended by |
|---|
| 30 | 30 | | amending Subsection (b) and adding Subsection (c) to read as |
|---|
| 31 | 31 | | follows: |
|---|
| 32 | 32 | | (b) The late filing fee for obtaining a license after the |
|---|
| 33 | 33 | | date it is required under this title is $2,000 if the application |
|---|
| 34 | 34 | | for the license is filed not later than the 180th day after the date |
|---|
| 35 | 35 | | the license is required under this title. |
|---|
| 36 | 36 | | (c) The late filing fee is $10,000 for: |
|---|
| 37 | 37 | | (1) obtaining a license after the 180th day after the |
|---|
| 38 | 38 | | date the license [time it] is required under this title; or |
|---|
| 39 | 39 | | (2) renewing an expired license to which Subsection |
|---|
| 40 | 40 | | (a) does not apply. |
|---|
| 41 | 41 | | SECTION 4. This Act takes effect September 1, 2009. |
|---|