By:  Haggerty                                         H.B. No. 2196
       73R5451 CAE-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to interest on a note purchased at a discount.
    1-3        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-4        SECTION 1.  Title 79, Revised Statutes (Article 5069-1.01 et
    1-5  seq., Vernon's Texas Civil Statutes), is amended by adding Article
    1-6  1.13 to read as follows:
    1-7        Art. 1.13.  INTEREST ON DISCOUNTED NOTES.  For the purposes
    1-8  of this title, in determining the amount or rate of interest
    1-9  charged on a note that was purchased at a discount, interest
   1-10  includes, in addition to other amounts charged, the amount computed
   1-11  by subtracting the amount for which the note was purchased from the
   1-12  total amount of the principal of the note paid by the maker of the
   1-13  note.
   1-14        SECTION 2.  (a)  This Act takes effect September 1, 1993.
   1-15        (b)  This Act applies only to a note made on or after the
   1-16  effective date of this Act.
   1-17        SECTION 3.  The importance of this legislation and the
   1-18  crowded condition of the calendars in both houses create an
   1-19  emergency and an imperative public necessity that the
   1-20  constitutional rule requiring bills to be read on three several
   1-21  days in each house be suspended, and this rule is hereby suspended.