By Siebert H.B. No. 1675 76R5958 MXM-F A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to exemptions from license requirements for certain motor 1-3 vehicle lessors. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 4.01(a), Texas Motor Vehicle Commission 1-6 Code (Article 4413(36), Vernon's Texas Civil Statutes), is amended 1-7 to read as follows: 1-8 (a) Except as provided by this Section, no person shall 1-9 engage in business as, serve in the capacity of, or act as a 1-10 dealer, manufacturer, distributor, converter, representative, 1-11 lessor, or lease facilitator in this State or perform or offer to 1-12 perform repair services on a motor vehicle pursuant to the terms of 1-13 a franchise and a motor vehicle manufacturer's warranty, whether or 1-14 not the person sells or offers to sell motor vehicles at the same 1-15 location, without obtaining a license therefor as provided in this 1-16 Act and the rules of the Commission. All new license applications 1-17 shall be reviewed and, in the discretion of the Commission, 1-18 investigated to determine compliance with the provisions of this 1-19 Act. License renewals may be administratively granted unless 1-20 protested. Licenses issued by the Commission shall expire one year 1-21 from date of issuance. All licenses and renewals thereof are 1-22 issued subject to all provisions of this Act and rules of the 1-23 Commission in effect upon the date of issuance as well as all 1-24 future provisions of this Act and rules which may become effective 2-1 during the term of the license. A lessor or lease facilitator is 2-2 not required to obtain a lessor or lease facilitator license or pay 2-3 a license fee under this code if the lessor or lease facilitator is 2-4 a state or federally chartered financial institution or a regulated 2-5 subsidiary of a state or federally chartered financial institution, 2-6 or the lessor is a corporation that leases trucks for commercial 2-7 purposes that have a gross vehicle weight rating of more than 8,500 2-8 pounds. A trust or other entity that owns an interest in a lease 2-9 and the vehicle that is the subject of the lease is not required to 2-10 obtain a lessor license or lease facilitator license or pay a 2-11 license fee with respect to a lease initiated, managed, serviced, 2-12 and administered by a licensed lessor. A franchised dealer 2-13 licensed under this code is not required to obtain a lessor or 2-14 lease facilitator license or pay a license fee under this code to 2-15 engage in the business of leasing motor vehicles, including new 2-16 motor vehicles, that the dealer is licensed to sell. 2-17 SECTION 2. The importance of this legislation and the 2-18 crowded condition of the calendars in both houses create an 2-19 emergency and an imperative public necessity that the 2-20 constitutional rule requiring bills to be read on three several 2-21 days in each house be suspended, and this rule is hereby suspended, 2-22 and that this Act take effect and be in force from and after its 2-23 passage, and it is so enacted.