83R10285 ATP-D
By: Davis, Rodriguez S.B. No. 1000
A BILL TO BE ENTITLED
AN ACT
relating to the authority of a municipality to regulate fees
charged in connection with certain loans.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 215, Local Government
Code, is amended by adding Section 215.005 to read as follows:
Sec. 215.005. REGULATION OF CERTAIN LOANS. (a) In this
section, "deferred presentment transaction" and "motor vehicle
title loan" have the meanings assigned by Section 393.601, Finance
Code.
(b) A municipality may by ordinance regulate the fees that
may be charged to a borrower in connection with making,
facilitating, or obtaining a deferred presentment transaction or
motor vehicle title loan.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2013.