By: Thompson of Harris, Flynn, Anderson, H.B. No. 2459
Laubenberg, Alonzo
A BILL TO BE ENTITLED
AN ACT
relating to the limitation on the amount that may be charged for
certain debt cancellation agreements.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 348.601(b), Finance Code, is amended to
read as follows:
(b) The amount charged for a debt cancellation agreement
made in connection with a retail installment contract may not
exceed five percent of the amount financed pursuant to the retail
installment contract [must be created in good faith and be
commercially reasonable]. Section 348.124(c) does not apply to a
debt cancellation agreement regulated under this subchapter.
SECTION 2. EFFECTIVE DATE. This Act takes effect September
1, 2013.