TX
Texas House Bill HB3292

Texas 2019 - 86th Regular

Texas House Bill HB3292 Compare Versions

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1-86R26745 GRM-D
2- By: Gutierrez, Flynn, Kuempel, Capriglione, H.B. No. 3292
3- Shaheen
4- Substitute the following for H.B. No. 3292:
5- By: Flynn C.S.H.B. No. 3292
1+86R13090 GRM-F
2+ By: Gutierrez H.B. No. 3292
63
74
85 A BILL TO BE ENTITLED
96 AN ACT
107 relating to sale-leaseback transactions.
118 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12- SECTION 1. Sections 341.001(9) and (10), Finance Code, are
13- amended to read as follows:
9+ SECTION 1. Section 341.001(9), Finance Code, is amended to
10+ read as follows:
1411 (9) "Loan" has the meaning assigned by Section 301.002
1512 and includes [a sale-leaseback transaction and] a deferred
16- presentment transaction. The term includes a sale-leaseback
17- transaction, other than a sale-leaseback transaction that:
18- (A) may be terminated at any time;
19- (B) complies with 10 U.S.C. Section 987 and any
20- regulations adopted under that law, to the extent applicable;
21- (C) complies with 15 U.S.C. Section 1601 et seq.
22- and any regulations adopted under that law, to the extent
23- applicable; and
24- (D) advises the consumer that complaints may be
25- filed with the office of the attorney general or the Office of
26- Consumer Credit Commissioner.
27- (10) "Sale-leaseback transaction" means a transaction
28- in which a person sells personal property used primarily for
29- personal, family, or household use and the buyer of the property
30- agrees to lease the property back to the seller. [In a
31- sale-leaseback transaction:
32- [(A) the buyer is a creditor and the seller is an
33- obligor;
34- [(B) an agreement to defer payment of a debt and
35- an obligation to pay the debt are established; and
36- [(C) any amount received by the buyer in excess
37- of the price paid for the property by the buyer is interest subject
38- to this subtitle.]
39- SECTION 2. The changes in law made by this Act apply only to
13+ presentment transaction.
14+ SECTION 2. Sections 341.001(10), 342.009, and 349.503,
15+ Finance Code, are repealed.
16+ SECTION 3. The changes in law made by this Act apply only to
4017 a sale-leaseback transaction entered into on or after the effective
4118 date of this Act. A sale-leaseback transaction entered into before
4219 the effective date of this Act is governed by the law in effect on
4320 the date the sale-leaseback transaction was entered into, and the
4421 former law is continued in effect for that purpose.
45- SECTION 3. This Act takes effect September 1, 2019.
22+ SECTION 4. This Act takes effect September 1, 2019.