Texas 2021 - 87th Regular

Texas House Bill HB4277 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	~~87R21525~~ MWC-F
	1	+	87R6988 MWC-F
2	2		By: Thompson of Brazoria H.B. No. 4277
3		-	Substitute the following for H.B. No. 4277:
4		-	By: Rogers C.S.H.B. No. 4277
5	3
6	4
7	5		A BILL TO BE ENTITLED
8	6		AN ACT
9	7		relating to requirements related to refunds and credit provided
10	8		under terminated debt cancellation agreements.
11	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	10		SECTION 1. Section 354.007, Finance Code, is amended by
13	11		amending Subsections (e), (f), and (g) and adding Subsection (e-1)
14	12		to read as follows:
15	13		(e) If the debt cancellation agreement terminates due to the
16	14		early termination of the contract, a [the] holder who is a retail
17		-	seller who has not assigned or transferred the contract shall:
18		-	(1) [,] not later than the 60th day after the date the
19		-	debt cancellation agreement terminates[:
20		-	[(1)] refund or credit an appropriate amount of the
21		-	debt cancellation agreement fee; or
	15	+	seller shall, not later than the 60th day after the date the debt
	16	+	cancellation agreement terminates:
	17	+	(1) refund or credit an appropriate amount of the debt
	18	+	cancellation agreement fee; or
22	19		(2) cause to be refunded or credited an appropriate
23	20		amount of the debt cancellation agreement fee by providing written
24		-	instruction not later than the 30th day after the date the debt
25		-	cancellation agreement terminates, including by electronic means,
26		-	to the administrator of the agreement [appropriate person].
	21	+	instruction, including by electronic means, to the administrator of
	22	+	the agreement [appropriate person].
27	23		(e-1) If the debt cancellation agreement terminates due to
28		-	the early termination of the contract, a holder, other than a ~~holder~~
29		-	~~described by Subsection (e)~~, shall:
30		-	~~(1) not later than the 60th day after the date the debt~~
31		-	~~cancellation agreement terminates~~ refund or credit an appropriate
32		-	~~amount of the debt~~ cancellation agreement fee; or
	24	+	the early termination of the contract, a holder, other than a retail
	25	+	seller, shall, not later than the 30th day after the date the debt
	26	+	cancellation agreement terminates:
	27	+	(1) refund or credit an appropriate amount of the debt
	28	+	cancellation agreement fee; or
33	29		(2) cause to be refunded or credited an appropriate
34	30		amount of the debt cancellation agreement fee by providing written
35		-	instruction not later than the 30th day after the date the debt
36		-	cancellation agreement terminates, including by electronic means,
37		-	to the administrator of the agreement or retail seller, as
38		-	appropriate.
39		-	(f) The administrator of the agreement or retail seller,
40		-	only after receiving the written instructions specified under
41		-	Subsection (e)(2) or (e-1)(2), [holder] shall ensure that a refund
42		-	or credit of an appropriate amount of a debt cancellation agreement
43		-	fee [made by another person under Subsection (e)(2)] is made not
44		-	later than the 60th day after the date the debt cancellation
45		-	agreement terminates.
46		-	(g) The administrator of the agreement or retail seller that
47		-	effectuated the refund [holder] shall maintain records of any
48		-	refund or credit of an amount of a debt cancellation agreement fee
49		-	made under Subsection (e) or (e-1) and provide electronic access to
50		-	those records until the later of the fourth anniversary of the date
51		-	of the contract or the second anniversary of the date of the refund
52		-	or credit.
53		-	SECTION 2. The changes in law made by this Act to Section
54		-	354.007, Finance Code, are procedural only and do not require the
55		-	refiling of forms to implement.
56		-	SECTION 3. This Act takes effect September 1, 2021.
	31	+	instruction, including by electronic means, to the administrator
	32	+	of the agreement or retail seller, as appropriate.
	33	+	(f) The administrator of the agreement or retail seller
	34	+	[holder] shall ensure that a refund or credit of an amount of a debt
	35	+	cancellation agreement fee made by another person under Subsection
	36	+	(e)(2) or (e-1)(2) is made not later than the 60th day after the
	37	+	date the debt cancellation agreement terminates.
	38	+	(g) The administrator of the agreement or retail seller
	39	+	[holder] shall maintain records of any refund or credit of an amount
	40	+	of a debt cancellation agreement fee made under Subsection (e) or
	41	+	(e-1) and provide electronic access to those records until the
	42	+	later of the fourth anniversary of the date of the contract or the
	43	+	second anniversary of the date of the refund or credit.
	44	+	SECTION 2. This Act takes effect September 1, 2021.