By Haggerty                                           H.B. No. 2514
          Substitute the following for H.B. No. 2514:
          By Haggerty                                       C.S.H.B. No. 2514
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to interest on a note purchased from a federal agency, or
    1-3  its successors, or its assigns at discount.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Title 79, Revised Statutes (Article 5069.101) et
    1-6  seq., Vernon's Texas Civil Statutes), is amended by adding Article
    1-7  1.13 to read as follows:
    1-8        Art. 1.13.  INTEREST ON DISCOUNTED NOTES.  (a)  For the
    1-9  purposes of this title, in determining the amount of rate of
   1-10  interest charged on a note that was purchased from a federal
   1-11  agency, at a discount, interest includes, in addition to other
   1-12  amounts charged, the amount computed by subtracting the amount for
   1-13  which the note was purchased from the total amount of the principal
   1-14  of the note paid by the maker of the note.  If two or more notes
   1-15  are purchased as a package at discount, the purchase price of a
   1-16  single note is determined by:
   1-17              (1)  dividing the principal of the note by the sum of
   1-18  the principal amounts of all notes purchased; and
   1-19              (2)  multiplying the result computed under Subdivision
   1-20  (1) of this subsection by the purchase price of the package of
   1-21  notes.
   1-22        (b)  This article does not apply to a transaction if the
   1-23  seller or purchaser of a note is a financial institution.
   1-24        (c)  In this article, "financial institution" means a state
    2-1  or national bank, state or federal savings bank, or state or
    2-2  federal credit union in this state, or a holding company,
    2-3  subsidiary, or affiliate of such an institution.
    2-4        SECTION 2.  This Act takes effect June 1, 1993.
    2-5        SECTION 3.  The importance of this legislation and the
    2-6  crowded condition of the calendars in both houses create an
    2-7  emergency and an imperative public necessity that the
    2-8  constitutional rule requiring bills to be read on three several
    2-9  days in each house be suspended, and this rule is hereby suspended,
   2-10  and that this Act take effect and be in force according to its
   2-11  terms, and it is so enacted.