By: Rodriguez of Travis H.B. No. 3461
A BILL TO BE ENTITLED
AN ACT
relating to the partial repayment of certain extensions of consumer
credit obtained for a consumer by a credit access business or that a
credit access business assists the consumer in obtaining.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter G, Chapter 393, Finance Code, is
amended by adding Section 393.629 to read as follows:
Sec. 393.629. PARTIAL REPAYMENT OF PRINCIPAL BALANCE OF
CERTAIN EXTENSIONS OF CONSUMER CREDIT. A credit access business may
not obtain for a consumer or assist a consumer in obtaining an
extension of consumer credit in the form of a deferred presentment
transaction or motor vehicle title loan unless the loan contract
provides that the lender must accept partial repayment of the
principal balance of the loan from the consumer, with no additional
fees or penalties, at any time during regular business hours.
SECTION 2. Section 393.629, Finance Code, as added by this
Act, applies only to an extension of credit made on or after the
effective date of this Act. An extension of credit made before the
effective date of this Act is governed by the law in effect on the
date the extension of credit was made, and the former law is
continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2013.