By: Ellis S.B. No. 1781
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
A BILL TO BE ENTITLED
AN ACT
1-1 relating to delinquency charges in retail charge agreements.
1-2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-3 SECTION 1. Article 6.03(6)(c), Title 79, Revised Statutes
1-4 (Article 5069-6.03, Vernon's Texas Civil Statutes), is amended to
1-5 read as follows:
1-6 (c) The time price differential in a retail charge agreement
1-7 resulting from the computation under this Section shall be computed
1-8 utilizing the average daily balance method. A minimum time price
1-9 differential not in excess of 75 cents per month may be charged,
1-10 received, and collected for any billing cycle in which a balance is
1-11 due. Under this Section, a retail charge agreement may provide for
1-12 a delinquency charge on each installment in default for a period of
1-13 more than 21 days in an amount not to exceed $20 [$10]. Only one
1-14 such delinquency charge may be collected on any installment
1-15 regardless of the period during which it remains in default. In
1-16 addition, such retail charge agreement may provide for the payment
1-17 of an attorney's reasonable fee when it is referred for collection
1-18 to an attorney who is not a salaried employee of the holder of the
1-19 contract and for court costs and disbursements.
1-20 SECTION 2. The importance of this legislation and the
1-21 crowded condition of the calendars in both houses create an
2-1 emergency and an imperative public necessity that the
2-2 constitutional rule requiring bills to be read on three several
2-3 days in each house be suspended, and this rule is hereby suspended,
2-4 and that this Act take effect and be in force from and after its
2-5 passage, and it is so enacted.