84R11473 GRM-D
By: Romero, Jr. H.B. No. 3223
A BILL TO BE ENTITLED
AN ACT
relating to requiring a credit access business to verify the
vehicle identification number used to obtain a motor vehicle title
loan; adding a provision subject to a criminal penalty.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter G, Chapter 393, Finance Code, is
amended by adding Section 393.630 to read as follows:
Sec. 393.630. VERIFICATION OF MOTOR VEHICLE USED TO OBTAIN
MOTOR VEHICLE TITLE LOAN. (a) 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 motor vehicle title loan unless
the credit access business first:
(1) physically inspects the vehicle used as collateral
to obtain the extension of consumer credit;
(2) photographs the vehicle identification number
located on the vehicle used as collateral to obtain the extension of
consumer credit; and
(3) verifies that the vehicle identification number of
the motor vehicle used as collateral to obtain the extension of
consumer credit matches the vehicle identification number on the
title provided to obtain the extension of consumer credit.
(b) A credit access business must retain a photograph taken
as required by Subsection (a)(2) until the second anniversary of
the date the extension of consumer credit is made.
SECTION 2. The changes in law made by this Act apply only to
an extension of consumer credit made on or after the effective date
of this Act. An extension of consumer credit made before the
effective date of this Act is governed by the law in effect on the
date the extension of consumer credit was made, and the former law
is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2015.