83R10291 RWG-D
By: Davis S.B. No. 1715
A BILL TO BE ENTITLED
AN ACT
relating to a requirement that a credit access business include
copies of its agreements with third-party lenders in an application
for a license.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 393.604, Finance Code, is amended by
amending Subsection (a) and adding Subsection (d) to read as
follows:
(a) An application for a license under this subchapter must:
(1) be under oath;
(2) give the approximate location from which the
business is to be conducted;
(3) identify the business's principal parties in
interest;
(4) contain the name, physical address, and telephone
number of all third-party lender organizations with which the
business contracts to provide services described by Section
393.602(a) or from which the business arranges extensions of
consumer credit described by Section 393.602(a); [and]
(5) include a copy of each agreement between the
business and a third-party lender organization with which the
business contracts to provide services described by Section
393.602(a) or from which the business arranges extensions of
consumer credit described by Section 393.602(a); and
(6) contain other relevant information that the
commissioner requires for the findings required under Section
393.607.
(d) Information provided by an applicant under this section
is public information for the purposes of Chapter 552, Government
Code, notwithstanding any exception provided by that chapter.
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.