Texas 2015 - 84th Regular

Texas House Bill HB1020

Voted on by House
 
Out of Senate Committee
 
Voted on by Senate
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; providing civil and administrative penalties.

Impact

The impact of HB 1020 on state law is significant, as it fortifies regulatory frameworks for consumer credit organizations. The bill introduces new rules regarding the fees that can be charged, ensuring that consumers are not overcharged and are aware of the total costs involved with credit services. By governing the contracts between credit access businesses and consumers, the legislation aims to prevent deceptive practices and ensure that consumers can access necessary credit without facing unfair conditions.

Summary

House Bill 1020 aims to regulate credit services organizations in Texas and establish measures around extensions of consumer credit, particularly regarding deferred presentment transactions and motor vehicle title loans. A notable provision of the bill is the establishment of a database for tracking deferred presentment transactions, which allows for improved monitoring and enforcement of compliance by credit access businesses. The bill mandates that data from transactions must be submitted to this database, which enhances transparency and consumer protection in the extension of credit services.

Contention

As with many regulations on financial services, there are points of contention concerning HB 1020. Advocates argue that it provides essential protections for consumers, especially vulnerable populations who may rely on credit services for day-to-day expenses. Critics, however, may argue that additional regulations could place undue burden on credit service providers, potentially limiting access to necessary funds for individuals in need. Balancing consumer protection with the operational capabilities of these organizations will be central to discussions around the bill.

Companion Bills

TX SB121

Identical Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; providing civil and administrative penalties.

Previously Filed As

TX HB297

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB1384

Relating to a restriction on total charges charged for certain extensions of consumer credit that are facilitated by credit access businesses and entered into by consumers residing in disaster areas.

TX SB895

Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.

TX HB2256

Relating to a restriction on total charges charged for extensions of consumer credit that a credit services organization obtains for a consumer or assists a consumer in obtaining.

TX SB2245

Relating to the regulation of earned wage access services; creating a criminal offense; providing an administrative penalty; authorizing a fee.

TX SB1371

Relating to the regulation of consumer credit transactions and the regulatory authority of the consumer credit commissioner; changing a fee.

TX HB3275

Relating to the regulation of consumer credit transactions and the regulatory authority of the consumer credit commissioner; changing a fee.

TX HB4809

Relating to the strong families credit against certain taxes for entities that contribute to certain organizations.

TX SB2390

Relating to the strong families credit against certain taxes for entities that contribute to certain organizations.

TX HB3827

Relating to the regulation of earned wage access services; requiring an occupational license; providing an administrative penalty; imposing fees.

Similar Bills

TX SB121

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; providing civil and administrative penalties.

TX SB1247

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; providing civil and administrative penalties.

TX SB1716

Relating to extensions of consumer credit a credit services organization obtains for a consumer or assists a consumer in obtaining; providing a civil penalty.

TX HB3047

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB768

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB297

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB206

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB1258

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.