LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION April 23, 2017 TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2339 by Thompson, Senfronia (Relating to trade-in credit agreements offered in connection with certain motor vehicle retail installment contracts.), Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code relating to trade-in credit agreements offered in connection with certain motor vehicle retail installment contracts. The bill would define "trade-in credit agreement" and permit a retail seller to offer to sell to a retail buyer a trade-in credit agreement under certain conditions. The bill would require a retail seller to comply with disclosure requirements under state or federal law in addition to additional provisions under the bill. The bill would permit a retail installment contract to include a separate charge amount for the trade-in agreement. The Department of Insurance, Department of Savings and Mortgage Lending, Department of Banking, Consumer Credit Commission, and Credit Union Department anticipate any additional work resulting from the passage of the bill could be reasonably absorbed within current resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:450 Department of Savings and Mortgage Lending, 451 Department of Banking, 454 Department of Insurance, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department LBB Staff: UP, CL, EH, EK
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION
April 23, 2017
TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2339 by Thompson, Senfronia (Relating to trade-in credit agreements offered in connection with certain motor vehicle retail installment contracts.), Committee Report 1st House, Substituted
TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB2339 by Thompson, Senfronia (Relating to trade-in credit agreements offered in connection with certain motor vehicle retail installment contracts.), Committee Report 1st House, Substituted
Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB2339 by Thompson, Senfronia (Relating to trade-in credit agreements offered in connection with certain motor vehicle retail installment contracts.), Committee Report 1st House, Substituted
HB2339 by Thompson, Senfronia (Relating to trade-in credit agreements offered in connection with certain motor vehicle retail installment contracts.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Finance Code relating to trade-in credit agreements offered in connection with certain motor vehicle retail installment contracts. The bill would define "trade-in credit agreement" and permit a retail seller to offer to sell to a retail buyer a trade-in credit agreement under certain conditions. The bill would require a retail seller to comply with disclosure requirements under state or federal law in addition to additional provisions under the bill. The bill would permit a retail installment contract to include a separate charge amount for the trade-in agreement. The Department of Insurance, Department of Savings and Mortgage Lending, Department of Banking, Consumer Credit Commission, and Credit Union Department anticipate any additional work resulting from the passage of the bill could be reasonably absorbed within current resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 454 Department of Insurance, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department
450 Department of Savings and Mortgage Lending, 451 Department of Banking, 454 Department of Insurance, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department
LBB Staff: UP, CL, EH, EK
UP, CL, EH, EK