Texas 2023 - 88th Regular

Texas House Bill HB2746 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New	Differences
1	1	H.B. No. 2746
2	2
3	3
4	4	AN ACT
5	5	relating to requirements related to refunds and credit provided
6	6	under terminated debt cancellation agreements.
7	7	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	8	SECTION 1. Section 354.007, Finance Code, is amended by
9	9	amending Subsections (e), (f), and (g) and adding Subsection (e-1)
10	10	to read as follows:
11	11	(e) If the debt cancellation agreement terminates due to the
12	12	early termination of the contract, a [the] holder who is a retail
13	13	seller who has not assigned or transferred the contract shall:
14	14	(1) [,] not later than the 60th day after the date the
15	15	debt cancellation agreement terminates[:
16	16	[(1)] refund or credit an appropriate amount of the
17	17	debt cancellation agreement fee; or
18	18	(2) cause to be refunded or credited an appropriate
19	19	amount of the debt cancellation agreement fee by providing written
20	20	instruction not later than the 30th day after the date the debt
21	21	cancellation agreement terminates, including by electronic means,
22	22	to the administrator of the agreement [appropriate person].
23	23	(e-1) If the debt cancellation agreement terminates due to
24	24	the early termination of the contract, a holder, other than a holder
25	25	described by Subsection (e), shall:
26	26	(1) not later than the 60th day after the date the debt
27	27	cancellation agreement terminates refund or credit an appropriate
28	28	amount of the debt cancellation agreement fee; or
29	29	(2) cause to be refunded or credited an appropriate
30	30	amount of the debt cancellation agreement fee by providing written
31	31	instruction not later than the 30th day after the date the debt
32	32	cancellation agreement terminates, including by electronic means,
33	33	to the administrator of the agreement and the retail seller.
34	34	(f) The administrator of the agreement or the administrator
35	35	of the agreement and the retail seller, as applicable, not later
36	36	than the 30th day after receiving the written instructions
37	37	specified under Subsection (e)(2) or (e-1)(2), [holder] shall
38	38	provide [ensure that] a refund or credit of an amount of a debt
39	39	cancellation agreement fee proportional to the amount received by
40	40	the administrator and retail seller under the agreement [made by
41	41	another person under Subsection (e)(2) is made not later than the
42	42	60th day after the date the debt cancellation agreement
43	43	terminates].
44	44	(g) The administrator of the agreement and the retail seller
45	45	[holder] shall maintain records of any refund or credit of an amount
46	46	of a debt cancellation agreement fee made under Subsection (e) or
47	47	(e-1) and provide electronic access to those records until the
48	48	later of the fourth anniversary of the date of the contract or the
49	49	second anniversary of the date of the refund or credit.
50	50	SECTION 2. The changes in law made by this Act to Section
51	51	354.007, Finance Code, are procedural only and do not require the
52	52	refiling of forms to implement.
53	53	SECTION 3. This Act takes effect September 1, 2023.
54	54	______________________________ ______________________________
55	55	President of the Senate Speaker of the House
56	56	I certify that H.B. No. 2746 was passed by the House on May 2,
57	57	2023, by the following vote: Yeas 141, Nays 3, 3 present, not
58	58	voting.
59	59	______________________________
60	60	Chief Clerk of the House
61	61	I certify that H.B. No. 2746 was passed by the Senate on May
62	62	16, 2023, by the following vote: Yeas 31, Nays 0.
63	63	______________________________
64	64	Secretary of the Senate
65	65	APPROVED: _____________________
66	66	Date
67	67	_____________________
68	68	Governor