| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Thompson of Harris, et al. H.B. No. 2459 | |
| 2 | 2 | (Senate Sponsor - Carona) | |
| 3 | 3 | (In the Senate - Received from the House April 29, 2013; | |
| 4 | 4 | April 30, 2013, read first time and referred to Committee on | |
| 5 | 5 | Business and Commerce; May 7, 2013, reported favorably by the | |
| 6 | 6 | following vote: Yeas 7, Nays 0; May 7, 2013, sent to printer.) | |
| 7 | 7 | ||
| 8 | 8 | ||
| 9 | 9 | A BILL TO BE ENTITLED | |
| 10 | 10 | AN ACT | |
| 11 | 11 | relating to the limitation on the amount that may be charged for | |
| 12 | 12 | certain debt cancellation agreements. | |
| 13 | 13 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 14 | 14 | SECTION 1. Section 348.601(b), Finance Code, is amended to | |
| 15 | 15 | read as follows: | |
| 16 | 16 | (b) The amount charged for a debt cancellation agreement | |
| 17 | 17 | made in connection with a retail installment contract may not | |
| 18 | 18 | exceed five percent of the amount financed pursuant to the retail | |
| 19 | 19 | installment contract [must be created in good faith and be | |
| 20 | 20 | commercially reasonable]. Section 348.124(c) does not apply to a | |
| 21 | 21 | debt cancellation agreement regulated under this subchapter. | |
| 22 | 22 | SECTION 2. This Act takes effect September 1, 2013. | |
| 23 | 23 | * * * * * |