81R10824 PMO-F
By: Harris S.B. No. 2387
A BILL TO BE ENTITLED
AN ACT
relating to regulation of certain credit transactions and lenders.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 348.004, Finance Code, is amended by
adding Subsection (d) to read as follows:
(d) The cash price is:
(1) the amount negotiated by a retail buyer and retail
seller; or
(2) an advertised price, but only if the advertisement
states that the advertised price is the same as the 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 lease contract or another credit or retail installment
transaction; and
(2) finance repayment of that money in a retail
installment contract.
SECTION 3. Section 349.303, Finance Code, is amended by
amending Subsection (b) and adding Subsection (c) to read as
follows:
(b) The late filing fee for obtaining a license after the
date it is required under this title is $2,000 if the application
for the license is filed not later than the 180th day after the date
the license is required under this title.
(c) The late filing fee is $10,000 for:
(1) obtaining a license after the 180th day after the
date the license [time it] is required under this title; or
(2) renewing an expired license to which Subsection
(a) does not apply.
SECTION 4. This Act takes effect September 1, 2009.