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 * * * * *