85R8003 GRM-D
By: Uresti H.B. No. 1733
A BILL TO BE ENTITLED
AN ACT
relating to the maximum permitted sum of fees, interest, and other
amounts due under certain extensions of consumer credit.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter G, Chapter 393, Finance Code, is
amended by adding Sections 393.629 and 393.630 to read as follows:
Sec. 393.629. MAXIMUM PERMITTED FEES, INTEREST, AND OTHER
AMOUNTS DUE UNDER AN EXTENSION OF CONSUMER CREDIT. The sum of all
fees, interest, and other amounts in excess of principal due under
an extension of consumer credit in the form of a deferred
presentment transaction or motor vehicle title loan that a credit
access business obtains for a consumer or assists a consumer in
obtaining may not exceed 25 percent of the principal of that
extension of consumer credit.
Sec. 393.630. RULES. The finance commission shall adopt
any rules necessary to implement Section 393.629.
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. For purposes of this
section, a refinance of an extension of consumer credit is
considered made on the date the extension of consumer credit being
refinanced was made.
SECTION 3. This Act takes effect September 1, 2017.