H.B. No. 2459
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. This Act takes effect September 1, 2013.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 2459 was passed by the House on April
25, 2013, by the following vote: Yeas 132, Nays 4, 2 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 2459 was passed by the Senate on May
15, 2013, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor