By: Thompson of Harris, et al. H.B. No. 2459
(Senate Sponsor - Carona)
(In the Senate - Received from the House April 29, 2013;
April 30, 2013, read first time and referred to Committee on
Business and Commerce; May 7, 2013, reported favorably by the
following vote: Yeas 7, Nays 0; May 7, 2013, sent to printer.)
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. This Act takes effect September 1, 2013.
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