86R26745 GRM-D
By: Gutierrez, Flynn, Kuempel, Capriglione, H.B. No. 3292
Shaheen
Substitute the following for H.B. No. 3292:
By: Flynn C.S.H.B. No. 3292
A BILL TO BE ENTITLED
AN ACT
relating to sale-leaseback transactions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 341.001(9) and (10), Finance Code, are
amended to read as follows:
(9) "Loan" has the meaning assigned by Section 301.002
and includes [a sale-leaseback transaction and] a deferred
presentment transaction. The term includes a sale-leaseback
transaction, other than a sale-leaseback transaction that:
(A) may be terminated at any time;
(B) complies with 10 U.S.C. Section 987 and any
regulations adopted under that law, to the extent applicable;
(C) complies with 15 U.S.C. Section 1601 et seq.
and any regulations adopted under that law, to the extent
applicable; and
(D) advises the consumer that complaints may be
filed with the office of the attorney general or the Office of
Consumer Credit Commissioner.
(10) "Sale-leaseback transaction" means a transaction
in which a person sells personal property used primarily for
personal, family, or household use and the buyer of the property
agrees to lease the property back to the seller. [In a
sale-leaseback transaction:
[(A) the buyer is a creditor and the seller is an
obligor;
[(B) an agreement to defer payment of a debt and
an obligation to pay the debt are established; and
[(C) any amount received by the buyer in excess
of the price paid for the property by the buyer is interest subject
to this subtitle.]
SECTION 2. The changes in law made by this Act apply only to
a sale-leaseback transaction entered into on or after the effective
date of this Act. A sale-leaseback transaction entered into before
the effective date of this Act is governed by the law in effect on
the date the sale-leaseback transaction was entered into, and the
former law is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2019.