84R9008 GRM-D
By: Turner of Tarrant H.B. No. 3599
A BILL TO BE ENTITLED
AN ACT
relating to the sale of collateral in connection with certain
extensions of consumer credit that a credit access business obtains
for a consumer or assists a consumer in obtaining; providing a civil
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 393.629 to read as follows:
Sec. 393.629. SURPLUS PROCEEDS. (a) A credit access
business shall pay to the consumer the amount received by the
business from the sale of any property securing the extension of
consumer credit that exceeds the sum of the outstanding
indebtedness and unpaid fees owed by the consumer not later than the
14th day after the date of the sale.
(b) A credit access business that violates Subsection (a) is
liable to the state for a civil penalty of $50 for each violation.
Each day a continuing violation occurs constitutes a separate
violation. The attorney general or the appropriate prosecuting
attorney in the county in which the violation occurs may bring an
action to recover the civil penalty imposed under this section.
(c) Section 393.501 does not apply to this section.
SECTION 2. The change in law made by this Act applies only
to a sale that occurs on or after the effective date of this Act. A
sale that occurred before the effective date of this Act is governed
by the law in effect on the date the sale occurred, and the former
law is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2015.