By Heflin H.B. No. 1094
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to delinquency charges in retail charge agreements.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Article 6.03(6)(c), Title 79, Revised Statutes
1-5 (Article 5069-6.03, Vernon's Texas Civil Statutes), is amended to
1-6 read as follows:
1-7 (c) The time price differential in a retail charge agreement
1-8 resulting from the computation under this Section shall be computed
1-9 utilizing the average daily balance method. A minimum time price
1-10 differential not in excess of 75 cents per month may be charged,
1-11 received, and collected for any billing cycle in which a balance is
1-12 due. Under this Section, a retail charge agreement may provide for
1-13 a delinquency charge on each installment in default for a period of
1-14 more than 21 <10> days in an amount not to exceed $7.50 <five
1-15 percent of each installment or $5, whichever is less>. Only one
1-16 such delinquency charge may be collected on any installment
1-17 regardless of the period during which it remains in default. In
1-18 addition, such retail charge agreement may provide for the payment
1-19 of an attorney's reasonable fee when it is referred for collection
1-20 to an attorney who is not a salaried employee of the holder of the
1-21 contract and for court costs and disbursements.
1-22 SECTION 2. The importance of this legislation and the
1-23 crowded condition of the calendars in both houses create an
1-24 emergency and an imperative public necessity that the
2-1 constitutional rule requiring bills to be read on three several
2-2 days in each house be suspended, and this rule is hereby suspended,
2-3 and that this Act take effect and be in force from and after its
2-4 passage, and it is so enacted.