TX
Texas House Bill HB1258

Texas 2019 - 86th Regular

Texas House Bill HB1258

Caption

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

Impact

One of the main components of HB1258 includes increased transparency and accountability for credit services organizations. For instance, it mandates that these businesses maintain comprehensive records of all consumer credit extensions they assist with and outlines the types of credit they can offer. The legislation also prohibits certain practices that may have previously put consumers at risk, thus aiming to protect consumers and facilitate fair lending practices.

Summary

House Bill 1258 is legislation that aims to enhance the regulation of credit services organizations and the methods by which they facilitate consumer credit extensions. This bill introduces various definitions and stipulations concerning how these organizations operate, specifying their services, and establishing stricter compliance requirements for obtaining loans. Notably, it amends the Finance Code to incorporate new categories like 'credit access business', which impacts the regulatory landscape for businesses involved in credit transactions.

Contention

Despite the positive implications for consumer protection, there remains a contention regarding how this bill affects municipal ordinances. The bill clarifies that while it does not preempt local regulations, in the case of conflicts, the stricter regulation will prevail. This can lead to complications for local governments trying to enact additional measures to safeguard consumers, raising concerns among various stakeholders about the balance of power between state and local regulations.

Companion Bills

No companion bills found.

Previously Filed As

TX HB297

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB2256

Relating to a restriction on total charges charged for extensions of consumer credit that a credit services organization obtains for a consumer or assists a consumer in obtaining.

TX HB1384

Relating to a restriction on total charges charged for certain extensions of consumer credit that are facilitated by credit access businesses and entered into by consumers residing in disaster areas.

TX SB895

Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.

TX SB2245

Relating to the regulation of earned wage access services; creating a criminal offense; providing an administrative penalty; authorizing a fee.

TX SB224

Relating to catalytic converters, including criminal conduct involving catalytic converters; providing an administrative penalty; creating a criminal offense; increasing a criminal penalty; increasing a fee.

TX HB4598

Relating to catalytic converters, including criminal conduct involving catalytic converters; providing an administrative penalty; creating a criminal offense; increasing a criminal penalty; increasing a fee.

TX SB1371

Relating to the regulation of consumer credit transactions and the regulatory authority of the consumer credit commissioner; changing a fee.

TX HB3275

Relating to the regulation of consumer credit transactions and the regulatory authority of the consumer credit commissioner; changing a fee.

TX SB1427

Relating to certain criminal conduct and organizations that threaten the security of this state and its residents and borders; increasing criminal penalties.

Similar Bills

TX HB768

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB3047

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB297

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB206

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB242

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB1134

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX HB2808

Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations; increasing a criminal penalty.

TX SB1716

Relating to extensions of consumer credit a credit services organization obtains for a consumer or assists a consumer in obtaining; providing a civil penalty.