Enrolled Bill Summary

Senate Bill 1371	Senate Author:  Johnson
Effective:  9-1-23	House Sponsor:  Lambert

            Senate Bill 1371 amends the Finance Code and Tax Code to revise a variety of provisions regarding the regulation of consumer credit transactions and the regulatory authority of the consumer credit commissioner. In modernizing, clarifying, making technical corrections to, and repealing certain of these provisions, the bill also does the following:

·        establishes that the method for investment and reinvestment of annual assessment fees and the amount in the state licensed residential mortgage loan originator recovery fund is the method used for managing the assets of the permanent university fund;

·        authorizes the Texas Finance Commission to make grants for the Texas financial education endowment;

·        replaces the amount of the processing fee that the holder of a retail charge agreement may charge for a returned check to an amount that does not exceed the amount prescribed in Business & Commerce Code provisions for the return of a payment device;

·        provides that the commission determines the amount of the registration fee that a holder under a retail installment contract or a retail charge agreement must pay for each location at which a retail installment transaction or credit transaction is originated, serviced, or collected;

·        clarifies that a property owner may not waive or limit a requirement imposed on a property tax lender by applicable state law unless specifically permitted; and

·        establishes that the processes for which the commissioner may revoke or suspend a pawnshop employee license is by sending notice and providing an opportunity for a hearing.