By:  Cain                                             S.B. No. 1429
                                 A BILL TO BE ENTITLED
                                        AN ACT
    1-1  relating to the charging of interest under certain agreements.
    1-2        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-3        SECTION 1.  Article 1.03, Title 79, Revised Statutes (Article
    1-4  5069-1.03, Vernon's Texas Civil Statutes, is amended to read as
    1-5  follows:
    1-6        Art. 1.03.  LEGAL RATE APPLICABLE.  When no specified rate of
    1-7  interest is agreed upon by the parties, interest at the rate of six
    1-8  percent per annum shall be allowed on all accounts and contracts
    1-9  ascertaining the sum payable, commencing on the <thirtieth (30th)>
   1-10  day <from and after the time when> the sum is due and payable.
   1-11        SECTION 2.  The importance of this legislation and the
   1-12  crowded condition of the calendars in both houses create an
   1-13  emergency and an imperative public necessity that the
   1-14  constitutional rule requiring bills to be read on three several
   1-15  days in each house be suspended, and this rule is hereby suspended,
   1-16  and that this Act take effect and be in force from and after its
   1-17  passage, and it is so enacted.