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.