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Senate Bill 1388 |
Senate Author: Carona |
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Effective: 9-1-13 |
House Sponsor: Bohac |
Senate Bill 1388 amends the Occupations Code to repeal the Identity Recovery Service Contract Regulatory Act and to expand the types of service contracts to which the Service Contract Regulatory Act applies to include an agreement under which a provider agrees to provide identity recovery, if the service contract is financed under statutory provisions relating to motor vehicle and commercial motor vehicle installment sales. The bill requires a service contract provider, not later than the 30th day after the date each calendar quarter ends, to report to the Texas Department of Licensing and Regulation (TDLR) the number of service contracts that provide only for identity recovery services that were sold or issued to consumers in Texas during the most recent calendar quarter and to submit a $1 fee for each of those service contracts to TDLR. The bill makes conforming changes to the Finance Code.