Texas 2023 - 88th Regular

Texas Senate Bill SB1371 Compare Versions

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Version 2 (New)

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1	1	S.B. No. 1371
2	2
3	3
4	4	AN ACT
5	5	relating to the regulation of consumer credit transactions and the
6	6	regulatory authority of the consumer credit commissioner; changing
7	7	a fee.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. Section 393.628, Finance Code, is transferred to
10	10	Subchapter C, Chapter 14, Finance Code, redesignated as Section
11	11	14.113, Finance Code, and amended to read as follows:
12	12	Sec. 14.113 [393.628]. TEXAS FINANCIAL EDUCATION
13	13	ENDOWMENT. (a) As part of the licensing fee and procedures
14	14	described under Subchapter G, Chapter 393 [this subchapter], each
15	15	credit access business or [license] holder of a credit access
16	16	business license shall pay to the commissioner an annual assessment
17	17	to improve consumer credit, financial education, and
18	18	asset-building opportunities in this state. The annual assessment
19	19	may not exceed $200 for each license as specified by the finance
20	20	commission.
21	21	(b) The commissioner shall remit to the comptroller amounts
22	22	received under Subsection (a) for deposit in an interest-bearing
23	23	deposit account in the Texas Treasury Safekeeping Trust Company.
24	24	Money in the account may be spent by the finance commission only for
25	25	the purposes provided by this section. Amounts in the account may
26	26	be invested and reinvested under the prudent person standard
27	27	described by Section 11b, Article VII, Texas Constitution [in the
28	28	same manner as funds of the Employees Retirement System of Texas],
29	29	and the interest from those investments shall be deposited to the
30	30	credit of the account.
31	31	(b-1) The expenses of managing the investments may be paid
32	32	from the deposit account described by Subsection (b).
33	33	(c) The Texas Financial Education Endowment shall be
34	34	administered by the finance commission to support statewide
35	35	financial education and consumer credit building activities and
36	36	programs, including:
37	37	(1) production and dissemination of approved
38	38	financial education materials at licensed locations;
39	39	(2) advertising, marketing, and public awareness
40	40	campaigns to improve the credit profiles and credit scores of
41	41	consumers in this state;
42	42	(3) school and youth-based financial literacy and
43	43	capability;
44	44	(4) credit building and credit repair;
45	45	(5) financial coaching and consumer counseling;
46	46	(6) bank account enrollment and incentives for
47	47	personal savings; and
48	48	(7) other consumer financial education and
49	49	asset-building initiatives as considered appropriate by the
50	50	finance commission.
51	51	(d) In implementing this section, the finance commission
52	52	may make grants and may solicit gifts, grants, and donations for
53	53	this purpose.
54	54	(e) The finance commission may partner with other state
55	55	agencies and entities to implement this section.
56	56	(f) The finance commission shall adopt rules to administer
57	57	this section.
58	58	SECTION 2. Section 14.209(a), Finance Code, is amended to
59	59	read as follows:
60	60	(a) In addition to other remedies for the enforcement of a
61	61	restraining order or injunction, the court in which an action is
62	62	brought under Section 14.208(c) [14.208(b)] may impound and appoint
63	63	a receiver for the defendant's property and business, including a
64	64	document relating to the property or business, as the court
65	65	considers reasonably necessary to prevent a violation through use
66	66	of the property and business.
67	67	SECTION 3. Section 156.554(b), Finance Code, is amended to
68	68	read as follows:
69	69	(b) The commissioner:
70	70	(1) may provide grants in an aggregate amount of not
71	71	more than $100,000 each year to an auxiliary mortgage loan activity
72	72	company or another nonprofit organization for the purposes of:
73	73	(A) providing to consumers financial education
74	74	relating to mortgage loans; and
75	75	(B) providing to other nonprofit organizations
76	76	training in order for those organizations to provide to consumers
77	77	financial education relating to mortgage loans;
78	78	(2) shall make disbursements from the fund to pay
79	79	claims made under Section 156.555 that meet the requirements for
80	80	payment under that section; and
81	81	(3) may make disbursements from the fund to provide
82	82	support for statewide financial education, activities, and
83	83	programs specifically related to mortgage loans for consumers,
84	84	including activities and programs described by Section 14.113(c)
85	85	[393.628(c)].
86	86	SECTION 4. Section 180.002(5), Finance Code, is amended to
87	87	read as follows:
88	88	(5) "Dwelling" has the meaning assigned by Section
89	89	103(w) [103(v)] of the Truth in Lending Act (15 U.S.C. Section
90	90	1602(w) [1602(v)]).
91	91	SECTION 5. Section 303.015(c), Finance Code, is amended to
92	92	read as follows:
93	93	(c) A variable rate agreement for credit extended primarily
94	94	for personal, family, or household use must include the disclosures
95	95	identified for variable rate contracts required by regulations
96	96	issued by the Federal Reserve Board and the Consumer Financial
97	97	Protection Bureau under the Truth in Lending Act (15 U.S.C. Section
98	98	1601 et seq.), as amended, except that if that Act does not apply
99	99	because of the amount of the transaction, the following disclosure
100	100	must be included in a size equal to at least 10-point type that is
101	101	boldface, capitalized, underlined, or otherwise set out from
102	102	surrounding material so as to be conspicuous:
103	103	"NOTICE TO CONSUMER: UNDER TEXAS LAW, IF YOU CONSENT TO THIS
104	104	AGREEMENT, YOU MAY BE SUBJECT TO A FUTURE RATE AS HIGH AS 24 PERCENT
105	105	PER YEAR."
106	106	SECTION 6. Section 303.402(a), Finance Code, is amended to
107	107	read as follows:
108	108	(a) A person who contracts for, charges, or receives under a
109	109	contract subject to Chapter 342, 345, 346, 347, 348, or 353,
110	110	including a contract for an open-end account, a rate or amount of
111	111	interest or time price differential that exceeds the maximum
112	112	applicable rate or amount authorized by the applicable chapter or
113	113	this chapter is subject to a penalty for that violation determined
114	114	under Chapter 349.
115	115	SECTION 7. Sections 308.002(c) and (e), Finance Code, are
116	116	amended to read as follows:
117	117	(c) In interpreting this section, an administrative agency
118	118	or a court shall be guided by the applicable advertising provisions
119	119	of:
120	120	(1) Part C of the Truth in Lending Act [15 U.S.C.
121	121	Chapter 41, Subchapter I] (15 U.S.C. Section 1661 [1601] et seq.);
122	122	(2) Regulation Z (12 C.F.R. Parts 226 and 1026) [12
123	123	C.F.R. Part 226] adopted by the Board of Governors of the Federal
124	124	Reserve System and the Consumer Financial Protection Bureau; and
125	125	(3) the Official Staff Commentary and other
126	126	interpretations of that statute and regulation by the Board of
127	127	Governors of the Federal Reserve System, the Consumer Financial
128	128	Protection Bureau, and the staff of those agencies [its staff].
129	129	(e) A creditor who complies with the Truth in Lending Act
130	130	(15 U.S.C. Section 1601 et seq.) and [Federal Reserve] Regulation Z
131	131	(12 C.F.R. Parts [Part] 226 and 1026) in advertising a credit
132	132	transaction is considered to have fully complied with this section.
133	133	SECTION 8. Section 341.301(a), Finance Code, is amended to
134	134	read as follows:
135	135	(a) In each advertisement that purports to offer credit
136	136	regulated by this subtitle, Subtitle C, or Chapter 394, the
137	137	advertiser shall disclose the legal or registered name of the
138	138	advertiser and:
139	139	(1) shall disclose the street address of the
140	140	advertiser's place of business unless the advertisement:
141	141	(A) is located on the premises of the
142	142	advertiser's place of business; or
143	143	(B) is broadcast by radio or television; or
144	144	(2) if the advertisement is broadcast by radio or
145	145	television, shall:
146	146	(A) disclose the telephone number of the
147	147	advertiser; and
148	148	(B) comply with the applicable disclosure
149	149	requirements of Regulation Z (12 C.F.R. Parts 226 and 1026) [12
150	150	C.F.R. Section 226.1 et seq. (Regulation Z)].
151	151	SECTION 9. Section 341.401(b), Finance Code, is amended to
152	152	read as follows:
153	153	(b) In interpreting this section, a court or administrative
154	154	agency shall be guided by the Equal Credit Opportunity Act (15
155	155	U.S.C. Section 1691 et seq.) and regulations under and
156	156	interpretations of that Act by the Federal Reserve Board and the
157	157	Consumer Financial Protection Bureau to the extent that Act and
158	158	those regulations and interpretations can be made applicable to
159	159	conduct prohibited by this section.
160	160	SECTION 10. Section 341.402(b), Finance Code, is amended to
161	161	read as follows:
162	162	(b) The liability of a person under this section is instead
163	163	of and not in addition to that person's liability under the Equal
164	164	Credit Opportunity [Title VII of the Consumer Credit Protection]
165	165	Act (15 U.S.C. Section 1691 et seq.). If the same act or omission
166	166	violates Section 341.401 and applicable federal law, the person
167	167	aggrieved by that conduct may bring a legal action to recover
168	168	monetary damages either under this section or under that federal
169	169	law, but not both.
170	170	SECTION 11. Section 341.502(a-1), Finance Code, is amended
171	171	to read as follows:
172	172	(a-1) If the terms of the agreement for a loan under
173	173	Subsection (a) were negotiated in Spanish, a copy of a summary of
174	174	those terms and other pertinent information shall be provided to
175	175	the debtor in Spanish in a form identical to disclosures required
176	176	for a closed-end transaction under 12 C.F.R. Section 1026.18
177	177	[226.18].
178	178	SECTION 12. Section 341.602(f), Finance Code, is amended to
179	179	read as follows:
180	180	(f) The commissioner shall remit to the comptroller amounts
181	181	received under Section 341.603(a) for deposit in an
182	182	interest-bearing deposit account in the Texas Treasury Safekeeping
183	183	Trust Company. Amounts in the fund may be invested and reinvested
184	184	under the prudent person standard described by Section 11b, Article
185	185	VII, Texas Constitution [in the same manner as funds of the
186	186	Employees Retirement System of Texas], and the interest from those
187	187	investments shall be deposited to the credit of the fund. An
188	188	investment may not be made under this subsection if the investment
189	189	will impair the necessary liquidity required to satisfy payment of
190	190	claims [judgments awarded] under this subchapter.
191	191	SECTION 13. Section 342.160, Finance Code, is amended to
192	192	read as follows:
193	193	Sec. 342.160. SURRENDER OF LICENSE. A license holder may
194	194	surrender a license issued under this chapter by complying with the
195	195	commissioner's written instructions relating to license surrender
196	196	[delivering to the commissioner:
197	197	[(1) the license; and
198	198	[(2) a written notice of the license's surrender].
199	199	SECTION 14. Section 342.556(a), Finance Code, is amended to
200	200	read as follows:
201	201	(a) An authorized lender shall maintain on file with the
202	202	commissioner the name and address of [a written appointment of a
203	203	resident of this state as] the lender's registered agent for
204	204	service [of all judicial or other process or legal notice, unless
205	205	the lender has appointed an agent under another statute of this
206	206	state].
207	207	SECTION 15. Section 343.201, Finance Code, is amended to
208	208	read as follows:
209	209	Sec. 343.201. DEFINITIONS. In this subchapter:
210	210	(1) "High-cost home loan" means a loan that:
211	211	(A) is made to one or more individuals for
212	212	personal, family, or household purposes;
213	213	(B) is secured in whole or part by:
214	214	(i) a manufactured home, as defined by
215	215	Section 347.002, used or to be used as the borrower's principal
216	216	residence; or
217	217	(ii) real property improved by a dwelling
218	218	designed for occupancy by four or fewer families and used or to be
219	219	used as the borrower's principal residence;
220	220	(C) has a principal amount equal to or less than
221	221	one-half of the maximum conventional loan amount for first
222	222	mortgages as established and adjusted by the Federal National
223	223	Mortgage Association;
224	224	(D) is not:
225	225	(i) a reverse mortgage; or
226	226	(ii) an open-end account, as defined by
227	227	Section 301.002; and
228	228	(E) is a credit transaction described by 12
229	229	C.F.R. Section 1026.32 [226.32], as amended, except that the term
230	230	includes a residential mortgage transaction, as defined by 12
231	231	C.F.R. Section 1026.2 [226.2], as amended, if the total loan amount
232	232	is $20,000 or more and:
233	233	(i) the annual percentage rate exceeds the
234	234	rate indicated in 12 C.F.R. Section 1026.32(a)(1)(i)
235	235	[226.32(a)(1)(i)], as amended; or
236	236	(ii) the total points and fees payable by
237	237	the consumer at or before loan closing will exceed the amount
238	238	indicated in 12 C.F.R. Section 1026.32(a)(1)(ii)
239	239	[226.32(a)(1)(ii)], as amended.
240	240	(2) "Points and fees" has the meaning assigned by 12
241	241	C.F.R. Section 1026.32(b) [226.32(b)], as amended.
242	242	SECTION 16. Section 345.106, Finance Code, is amended to
243	243	read as follows:
244	244	Sec. 345.106. PROCESSING FEE FOR RETURNED CHECK. A retail
245	245	charge agreement may provide that the holder of the agreement may:
246	246	(1) charge the retail buyer, on return of a dishonored
247	247	check given in payment under the agreement, a reasonable processing
248	248	fee that does not exceed the amount prescribed by Section 3.506,
249	249	Business & Commerce Code [is not more than $15]; and
250	250	(2) add the fee to the unpaid balance under the
251	251	agreement.
252	252	SECTION 17. Section 345.351(a), Finance Code, is amended to
253	253	read as follows:
254	254	(a) A holder who is not an authorized lender under Chapter
255	255	342 or a credit union shall:
256	256	(1) register with the Office of Consumer Credit
257	257	Commissioner; and
258	258	(2) pay a fee in an amount determined under Section
259	259	14.107 [of $10] for each location at which a retail installment
260	260	transaction is originated, serviced, or collected.
261	261	SECTION 18. Section 347.451(a), Finance Code, is amended to
262	262	read as follows:
263	263	(a) A creditor who is not an authorized lender under Chapter
264	264	342 or a credit union shall:
265	265	(1) register with the Office of Consumer Credit
266	266	Commissioner; and
267	267	(2) pay a fee in an amount determined under Section
268	268	14.107 [of $15] for each location at which a credit transaction is
269	269	originated, serviced, or collected.
270	270	SECTION 19. Section 348.009(a), Finance Code, is amended to
271	271	read as follows:
272	272	(a) The disclosure requirements of Regulation Z (12 C.F.R.
273	273	Parts 226 and 1026) [12 C.F.R. Part 226 (Regulation Z)] adopted
274	274	under the Truth in Lending Act (15 U.S.C. Section 1601 et seq.) and
275	275	specifically 12 C.F.R. Sections [Section] 226.18(f) and
276	276	1026.18(f), regarding variable rate disclosures, apply according
277	277	to their terms to retail installment transactions.
278	278	SECTION 20. Section 348.404(d), Finance Code, is amended to
279	279	read as follows:
280	280	(d) A retail seller may include money advanced under
281	281	Subsection (b) in the retail installment contract only if it is
282	282	included as an itemized charge and may disclose money advanced
283	283	under Subsection (b) in any manner permitted by Regulation Z (12
284	284	C.F.R. Parts 226 and 1026) [12 C.F.R. Part 226 (Regulation Z)]
285	285	adopted under the Truth in Lending Act (15 U.S.C. Section 1601 et
286	286	seq.). Section 349.003 does not apply to this subsection. This
287	287	subsection does not create a private right of action. The
288	288	commissioner has exclusive jurisdiction to enforce this
289	289	subsection.
290	290	SECTION 21. Section 348.510, Finance Code, is amended to
291	291	read as follows:
292	292	Sec. 348.510. SURRENDER OF LICENSE. A license holder may
293	293	surrender a license issued under this chapter by complying with the
294	294	commissioner's written instructions relating to license surrender
295	295	[delivering to the commissioner:
296	296	[(1) the license; and
297	297	[(2) a written notice of the license's surrender].
298	298	SECTION 22. Section 351.0022, Finance Code, is amended to
299	299	read as follows:
300	300	Sec. 351.0022. WAIVER PROHIBITED. Except as specifically
301	301	permitted by this chapter or Chapter 32, Tax Code, a property owner
302	302	may not waive or limit a requirement imposed on a property tax
303	303	lender by this chapter or Chapter 32, Tax Code.
304	304	SECTION 23. Section 351.160, Finance Code, is amended to
305	305	read as follows:
306	306	Sec. 351.160. SURRENDER OF LICENSE. A license holder may
307	307	surrender a license issued under this chapter by complying with the
308	308	commissioner's written instructions relating to license surrender
309	309	[delivering to the commissioner:
310	310	[(1) the license; and
311	311	[(2) a written notice of the license's surrender].
312	312	SECTION 24. Section 352.006(b), Finance Code, is amended to
313	313	read as follows:
314	314	(b) If the commissioner proposes to revoke a registration,
315	315	the facilitator is entitled to notice and an opportunity for a
316	316	hearing before the commissioner or a hearings officer, who shall
317	317	propose a decision to the commissioner. The commissioner or
318	318	hearings officer shall prescribe the time and place of the hearing
319	319	if the facilitator makes a written request for a hearing not later
320	320	than the 30th day after the date on which the order of revocation is
321	321	served [20th day after the date the facilitator receives the notice
322	322	of the proposed revocation]. The hearing is governed by Chapter
323	323	2001, Government Code.
324	324	SECTION 25. Section 353.510, Finance Code, is amended to
325	325	read as follows:
326	326	Sec. 353.510. SURRENDER OF LICENSE. A license holder may
327	327	surrender a license issued under this chapter by complying with the
328	328	commissioner's written instructions relating to license surrender
329	329	[delivering to the commissioner:
330	330	[(1) the license; and
331	331	[(2) a written notice of the license's surrender].
332	332	SECTION 26. Section 371.073(a), Finance Code, is amended to
333	333	read as follows:
334	334	(a) A pawnbroker shall maintain on file with the
335	335	commissioner the name and address of [a written appointment of a
336	336	resident of this state as] the pawnbroker's registered agent for
337	337	service of [all judicial or other] process [or legal notice unless
338	338	the pawnbroker has appointed an agent under another statute of this
339	339	state].
340	340	SECTION 27. Section 371.157, Finance Code, is amended to
341	341	read as follows:
342	342	Sec. 371.157. PAWN TICKET. A pawnbroker, at the time a pawn
343	343	transaction is entered, shall deliver to the pledgor a pawn ticket
344	344	or other memorandum that clearly shows:
345	345	(1) the name and address of the pawnshop;
346	346	(2) the pledgor's name, address, and physical
347	347	description and a driver's license number, military identification
348	348	number, identification certificate number, or other official
349	349	number that can identify the pledgor;
350	350	(3) the date of the transaction;
351	351	(4) an identification and description of the pledged
352	352	goods, including serial numbers if reasonably available;
353	353	(5) the amount of cash advanced or credit extended to
354	354	the pledgor, designated as "Amount Financed";
355	355	(6) the amount of the pawn service charge, designated
356	356	as "Finance Charge";
357	357	(7) the total amount, consisting of the amount
358	358	financed plus the finance charge, that must be paid to redeem the
359	359	pledged goods on the maturity date, designated as "Total of
360	360	Payments";
361	361	(8) the "Annual Percentage Rate," computed according
362	362	to Regulation Z (12 C.F.R. Part 1026) adopted [regulations issued]
363	363	by the Consumer Financial Protection Bureau [Federal Reserve Board]
364	364	under the Truth in Lending Act (15 U.S.C. Section 1601 et seq.), as
365	365	amended;
366	366	(9) the maturity date of the pawn transaction; and
367	367	(10) a statement that:
368	368	(A) the pledgor is not obligated to redeem the
369	369	pledged goods; and
370	370	(B) the pledged goods may be forfeited to the
371	371	pawnbroker on the 31st day after the maturity date.
372	372	SECTION 28. Section 371.255, Finance Code, is amended to
373	373	read as follows:
374	374	Sec. 371.255. REVOCATION OR SUSPENSION OF PAWNSHOP EMPLOYEE
375	375	LICENSE. After notice and opportunity for a hearing, the
376	376	commissioner may revoke or suspend a pawnshop employee license if
377	377	the commissioner finds that:
378	378	(1) the license holder knowingly or recklessly
379	379	violated this chapter or a rule adopted or order issued under this
380	380	chapter;
381	381	(2) a fact or condition exists that, if it had existed
382	382	or had been known to exist at the time of the original license
383	383	application, clearly would have justified refusal to issue the
384	384	license; or
385	385	(3) the business repute and general fitness of the
386	386	license holder do not warrant belief that the license holder will
387	387	operate the business lawfully and fairly within the provisions of
388	388	this chapter.
389	389	SECTION 29. Section 371.257(a), Finance Code, is amended to
390	390	read as follows:
391	391	(a) The holder of a pawnshop license or a pawnshop employee
392	392	license may surrender the license by complying with the
393	393	commissioner's written instructions relating to license surrender
394	394	[delivering it to the commissioner with written notice of
395	395	surrender].
396	396	SECTION 30. Section 393.617, Finance Code, is amended to
397	397	read as follows:
398	398	Sec. 393.617. SURRENDER OF LICENSE. A license holder may
399	399	surrender a license issued under this subchapter by complying with
400	400	the commissioner's written instructions relating to license
401	401	surrender [delivering to the commissioner:
402	402	[(1) the license; and
403	403	[(2) a written notice of the license's surrender].
404	404	SECTION 31. Section 394.2101(a), Finance Code, is amended
405	405	to read as follows:
406	406	(a) The commissioner shall compute and publish the dollar
407	407	amounts of fees or other charges in amounts different from the
408	408	amounts of fees or other charges specified in Section 394.210 to
409	409	reflect inflation, as measured by the Consumer Price Index for All
410	410	Urban Consumers published by the Bureau of Labor Statistics of the
411	411	United States Department of Labor or, if that index is not
412	412	available, another index adopted by finance commission rule. The
413	413	commissioner shall adopt a base year and adjust the dollar amounts,
414	414	effective on July 1 of each year, if the change in the index from the
415	415	base year, as of December 31 of the preceding year, is at least 10
416	416	percent. The dollar amounts [must be rounded to the nearest $100,
417	417	except that the amounts of the fees and other charges] specified in
418	418	Section 394.210 must be rounded to the nearest dollar.
419	419	SECTION 32. Section 394.212(a), Finance Code, is amended to
420	420	read as follows:
421	421	(a) A provider may not:
422	422	(1) purchase a debt or obligation of a consumer;
423	423	(2) receive or charge a fee in the form of a promissory
424	424	note or other negotiable instrument other than a check or a draft;
425	425	(3) lend money or provide credit to the consumer;
426	426	(4) obtain a mortgage or other security interest in
427	427	property owned by a consumer;
428	428	(5) engage in business with a for-profit business [an]
429	429	entity described by Section 394.204(c)(7) [394.204(c)(3)] without
430	430	prior consent of the commissioner, except that unless denied,
431	431	consent is considered granted 30 days after the date the provider
432	432	notifies the commissioner of the intent to engage in business with a
433	433	for-profit business entity [an organization] described by Section
434	434	394.204(c)(7) [394.204(c)(3)];
435	435	(6) offer, pay, or give a gift, bonus, premium,
436	436	reward, or other compensation to a person for entering into a debt
437	437	management services agreement;
438	438	(7) represent that the provider is authorized or
439	439	competent to furnish legal advice or perform legal services unless
440	440	supervised by an attorney as required by State Bar of Texas rules;
441	441	(8) use an unconscionable means to obtain a contract
442	442	with a consumer;
443	443	(9) engage in an unfair, deceptive, or unconscionable
444	444	act or practice in connection with a service provided to a consumer;
445	445	or
446	446	(10) require or attempt to require payment of an
447	447	amount that the provider states, discloses, or advertises to be a
448	448	voluntary contribution from the consumer.
449	449	SECTION 33. Sections 32.06(d-1) and (f-3), Tax Code, are
450	450	amended to read as follows:
451	451	(d-1) A right of rescission described by the Truth in
452	452	Lending Act (15 U.S.C. Section 1635) and Regulation Z (12 C.F.R.
453	453	Section 1026.23) [12 C.F.R. Section 226.23] applies to a transfer
454	454	under this section of a tax lien on residential property owned and
455	455	used by the property owner for personal, family, or household
456	456	purposes.
457	457	(f-3) Notwithstanding any contractual agreement with the
458	458	property owner, the transferee of a tax lien must provide the payoff
459	459	information required by this section to the greatest extent
460	460	permitted by the Gramm-Leach-Bliley Act (15 U.S.C. Section 6802)
461	461	and Regulation P (12 C.F.R. Part 1016) [15 U.S.C. Section 6802 and
462	462	12 C.F.R. Part 216]. The payoff statement must meet the
463	463	requirements of a payoff statement defined by Section 12.017,
464	464	Property Code. A transferee may charge a reasonable fee for a
465	465	payoff statement that is requested after an initial payoff
466	466	statement is provided. However, a transferee is not required to
467	467	release payoff information pursuant to a notice under Subsection
468	468	(f-1) unless the notice contains the information prescribed by the
469	469	Finance Commission of Texas.
470	470	SECTION 34. The following provisions of the Finance Code
471	471	are repealed:
472	472	(1) Section 342.551(c);
473	473	(2) Section 342.556(b);
474	474	(3) Sections 371.006(b), (c), and (d); and
475	475	(4) Section 371.073(b).
476	476	SECTION 35. This Act takes effect September 1, 2023.
477	477	______________________________ ______________________________
478	478	President of the Senate Speaker of the House
479	479	I hereby certify that S.B. No. 1371 passed the Senate on
480	480	April 25, 2023, by the following vote: Yeas 30, Nays 0.
481	481	______________________________
482	482	Secretary of the Senate
483	483	I hereby certify that S.B. No. 1371 passed the House on
484	484	May 9, 2023, by the following vote: Yeas 128, Nays 14, two
485	485	present not voting.
486	486	______________________________
487	487	Chief Clerk of the House
488	488	Approved:
489	489	______________________________
490	490	Date
491	491	______________________________
492	492	Governor