BILL ANALYSIS H.B. 2008 By: Cosper Investments & Financial Services Committee Report (Unamended) BACKGROUND AND PURPOSE Informed observers have raised concerns regarding potential noncompliance with federal requirements by certain lenders who engage in deferred presentment transactions with members of the U.S. military or the dependents of such members. H.B. 2008 seeks to emphasize the importance of compliance with any such requirements. CRIMINAL JUSTICE IMPACT It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision. RULEMAKING AUTHORITY It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS H.B. 2008 amends the Finance Code to require a lender who engages in a deferred presentment transaction with a member of the U.S. military or a dependent of such a member to comply with federal law governing the terms of consumer credit extended to certain members of the U.S. armed forces and their dependents, and any regulations adopted under that law, to the extent applicable. EFFECTIVE DATE September 1, 2017.
BILL ANALYSIS
# BILL ANALYSIS
H.B. 2008
By: Cosper
Investments & Financial Services
Committee Report (Unamended)
H.B. 2008
By: Cosper
Investments & Financial Services
Committee Report (Unamended)
BACKGROUND AND PURPOSE Informed observers have raised concerns regarding potential noncompliance with federal requirements by certain lenders who engage in deferred presentment transactions with members of the U.S. military or the dependents of such members. H.B. 2008 seeks to emphasize the importance of compliance with any such requirements.
CRIMINAL JUSTICE IMPACT It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision.
RULEMAKING AUTHORITY It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
ANALYSIS H.B. 2008 amends the Finance Code to require a lender who engages in a deferred presentment transaction with a member of the U.S. military or a dependent of such a member to comply with federal law governing the terms of consumer credit extended to certain members of the U.S. armed forces and their dependents, and any regulations adopted under that law, to the extent applicable.
EFFECTIVE DATE September 1, 2017.
BACKGROUND AND PURPOSE
Informed observers have raised concerns regarding potential noncompliance with federal requirements by certain lenders who engage in deferred presentment transactions with members of the U.S. military or the dependents of such members. H.B. 2008 seeks to emphasize the importance of compliance with any such requirements.
CRIMINAL JUSTICE IMPACT
It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision.
RULEMAKING AUTHORITY
It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
ANALYSIS
H.B. 2008 amends the Finance Code to require a lender who engages in a deferred presentment transaction with a member of the U.S. military or a dependent of such a member to comply with federal law governing the terms of consumer credit extended to certain members of the U.S. armed forces and their dependents, and any regulations adopted under that law, to the extent applicable.
EFFECTIVE DATE
September 1, 2017.