| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Hinojosa S.B. No. 1463 | |
| 2 | 2 | (In the Senate - Filed March 10, 2011; March 22, 2011, read | |
| 3 | 3 | first time and referred to Committee on Business and Commerce; | |
| 4 | 4 | April 19, 2011, reported favorably by the following vote: Yeas 8, | |
| 5 | 5 | Nays 0; April 19, 2011, sent to printer.) | |
| 6 | 6 | ||
| 7 | 7 | ||
| 8 | 8 | A BILL TO BE ENTITLED | |
| 9 | 9 | AN ACT | |
| 10 | 10 | relating to the processing fee charged for a dishonored payment | |
| 11 | 11 | device. | |
| 12 | 12 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 13 | 13 | SECTION 1. Subsection (b), Section 3.506, Business & | |
| 14 | 14 | Commerce Code, is amended to read as follows: | |
| 15 | 15 | (b) On return of a payment device to the holder following | |
| 16 | 16 | dishonor of the payment device by a payor, the holder, the holder's | |
| 17 | 17 | assignee, agent, or representative, or any other person retained by | |
| 18 | 18 | the holder to seek collection of the face value of the dishonored | |
| 19 | 19 | payment device may charge the drawer or indorser a maximum | |
| 20 | 20 | [reasonable] processing fee of [not more than] $30. | |
| 21 | 21 | SECTION 2. This Act takes effect September 1, 2011. | |
| 22 | 22 | * * * * * |