BILL ANALYSIS Senate Research Center H.B. 2008 85R8579 GRM-D By: Cosper et al. (Buckingham) Veteran Affairs & Border Security 5/10/2017 Engrossed AUTHOR'S / SPONSOR'S STATEMENT OF INTENT 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. 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. H.B. 2008 amends current law relating to deferred presentment transactions made to military borrowers. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 342.604, Finance Code, by adding Subsection (c), as follows: (c) Requires a lender who engages in a deferred presentment transaction with a member of the United States military or a dependent of a member of the United States military to comply with 10 U.S.C. Section 987 and any regulations adopted under that law, to the extent applicable. SECTION 2. Effective date: September 1, 2017.
BILL ANALYSIS
Senate Research Center H.B. 2008
85R8579 GRM-D By: Cosper et al. (Buckingham)
Veteran Affairs & Border Security
5/10/2017
Engrossed
Senate Research Center
H.B. 2008
85R8579 GRM-D
By: Cosper et al. (Buckingham)
Veteran Affairs & Border Security
5/10/2017
Engrossed
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
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.
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.
H.B. 2008 amends current law relating to deferred presentment transactions made to military borrowers.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 342.604, Finance Code, by adding Subsection (c), as follows:
(c) Requires a lender who engages in a deferred presentment transaction with a member of the United States military or a dependent of a member of the United States military to comply with 10 U.S.C. Section 987 and any regulations adopted under that law, to the extent applicable.
SECTION 2. Effective date: September 1, 2017.