H.B. No. 3101
    1-1                                AN ACT
    1-2  relating to application of usury laws to certain purchases of
    1-3  accounts receivable.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Chapter 1, Title 79, Revised Statutes (Article
    1-6  5069-1.01 et seq., Vernon's Texas Civil Statutes), is amended by
    1-7  adding Article 1.14 to read as follows:
    1-8        Art. 1.14.  PURCHASES OF ACCOUNTS RECEIVABLE.  (a)  In this
    1-9  article, "account purchase transaction" means an agreement or
   1-10  agreements under which a person or entity engaged in a commercial
   1-11  enterprise sells accounts, instruments, documents, and/or chattel
   1-12  paper subject to this chapter at a discount, whether or not the
   1-13  person or entity has a related repurchase obligation.
   1-14        (b)  For the purposes of this chapter, the amount of any
   1-15  discount in, or charged under, an account purchase transaction is
   1-16  not compensation contracted for, charged, or received with respect
   1-17  to that account purchase transaction.
   1-18        (c)  For the purposes of this chapter, the parties'
   1-19  characterization of an account purchase transaction as a purchase
   1-20  shall be conclusive that the account purchase transaction is not a
   1-21  transaction for the use, forbearance, or detention of money.
   1-22        SECTION 2.  This Act applies to an account purchase
   1-23  transaction entered before, on, or after the effective date of this
    2-1  Act.
    2-2        SECTION 3.  The importance of this legislation and the
    2-3  crowded condition of the calendars in both houses create an
    2-4  emergency and an imperative public necessity that the
    2-5  constitutional rule requiring bills to be read on three several
    2-6  days in each house be suspended, and this rule is hereby suspended,
    2-7  and that this Act take effect and be in force from and after its
    2-8  passage, and it is so enacted.