| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 87R1016 SRA-D | |
| 2 | 2 | By: Miles S.B. No. 363 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to prohibiting daily simple interest home loans. | |
| 8 | 8 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 9 | 9 | SECTION 1. Subchapter B, Chapter 343, Finance Code, is | |
| 10 | 10 | amended by adding Section 343.107 to read as follows: | |
| 11 | 11 | Sec. 343.107. DAILY SIMPLE INTEREST HOME LOANS PROHIBITED. | |
| 12 | 12 | (a) In this section, "daily simple interest home loan" means a home | |
| 13 | 13 | loan that accrues interest daily on the outstanding balance of the | |
| 14 | 14 | loan. | |
| 15 | 15 | (b) A lender may not make a daily simple interest home loan. | |
| 16 | 16 | SECTION 2. Section 343.107, Finance Code, as added by this | |
| 17 | 17 | Act, applies only to a loan closed on or after the effective date of | |
| 18 | 18 | this Act. | |
| 19 | 19 | SECTION 3. This Act takes effect September 1, 2021. |