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House Bill 2559 |
House Author: Truitt |
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Effective: 9-1-11 |
Senate Sponsor: Harris |
State law governing motor vehicle installment sales (Chapter 348, Finance Code) previously applied in general to both commercial and noncommercial transactions but also included provisions that were applicable specifically only to installment sales involving commercial vehicles and heavy commercial vehicles or that exempted such sales from the applicability of other provisions. House Bill 2559 amends the Finance Code to remove those provisions exclusive to commercial transactions from the existing chapter governing motor vehicle installment sales and to add a new chapter specifically for the regulation of commercial motor vehicle installment sales. The bill repeals provisions of Chapter 348, Finance Code, relating to commercial motor vehicle installment sales and makes conforming changes to the Government Code, Occupations Code, Tax Code, Transportation Code, and Water Code.