1-1  By:  Heflin (Senate Sponsor - Armbrister)             H.B. No. 1094
    1-2        (In the Senate - Received from the House March 16, 1995;
    1-3  March 20, 1995, read first time and referred to Committee on
    1-4  Economic Development; May 16, 1995, reported adversely, with
    1-5  favorable Committee Substitute by the following vote:  Yeas 8, Nays
    1-6  0; May 16, 1995, sent to printer.)
    1-7  COMMITTEE SUBSTITUTE FOR H.B. No. 1094                  By:  Sibley
    1-8                         A BILL TO BE ENTITLED
    1-9                                AN ACT
   1-10  relating to delinquency charges in retail charge agreements.
   1-11        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
   1-12        SECTION 1.  Article 6.03(6)(c), Title 79, Revised Statutes
   1-13  (Article 5069-6.03, Vernon's Texas Civil Statutes), is amended to
   1-14  read as follows:
   1-15        (c)  The time price differential in a retail charge agreement
   1-16  resulting from the computation under this Section shall be computed
   1-17  utilizing the average daily balance method.  A minimum time price
   1-18  differential not in excess of 75 cents per month may be charged,
   1-19  received, and collected for any billing cycle in which a balance is
   1-20  due.  Under this Section, a retail charge agreement may provide for
   1-21  a delinquency charge on each installment in default for a period of
   1-22  more than 21 <10> days in an amount not to exceed $10 <five percent
   1-23  of each installment or $5, whichever is less>.  Only one such
   1-24  delinquency charge may be collected on any installment regardless
   1-25  of the period during which it remains in default.  In addition,
   1-26  such retail charge agreement may provide for the payment of an
   1-27  attorney's reasonable fee when it is referred for collection to an
   1-28  attorney who is not a salaried employee of the holder of the
   1-29  contract and for court costs and disbursements.
   1-30        SECTION 2.  The importance of this legislation and the
   1-31  crowded condition of the calendars in both houses create an
   1-32  emergency and an imperative public necessity that the
   1-33  constitutional rule requiring bills to be read on three several
   1-34  days in each house be suspended, and this rule is hereby suspended,
   1-35  and that this Act take effect and be in force from and after its
   1-36  passage, and it is so enacted.
   1-37                               * * * * *