By Eiland                                             H.B. No. 2788
         76R9011 T                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to retail charge agreements
 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-4           SECTION 1.  Section 345.157, Finance Code, is amended to read
 1-5     as follows:
 1-6           Sec. 345.157.  DELINQUENCY CHARGE.  (a)  A retail charge
 1-7     agreement that implements the market competitive rate ceiling may
 1-8     provide for the payment of:
 1-9                 (1)  a delinquency charge on each installment that is
1-10     in default for a period that is longer than 21 days;
1-11                 (2)  an attorney's reasonable fee if the agreement is
1-12     referred for collection to an attorney who is not a salaried
1-13     employee of the holder; and
1-14                 (3)  court costs and disbursements.
1-15           (b)  The amount of a delinquency charge may not exceed $15
1-16     [$10].
1-17           (c)  Only one delinquency charge may be collected on an
1-18     installment regardless of the duration of the default.
1-19           (d)  The seller or holder shall remit 50 cents from each
1-20     delinquency charge in excess of $10 collected under this section to
1-21     the comptroller, in the time and manner established by the
1-22     comptroller, for deposit to the credit of an account in the general
1-23     revenue fund.  One-half of the money deposited in the account may
1-24     be used only to finance research conducted by the Finance
 2-1     Commission of Texas under Section 11.305 and the other one-half of
 2-2     the money deposited in the account may be used only to finance
 2-3     educational activities and counseling services under Section
 2-4     394.001.
 2-5           SECTION 2.  This Act takes effect September 1, 1999.
 2-6           SECTION 3.  The importance of this legislation and the
 2-7     crowded condition of the calendars in both houses create an
 2-8     emergency and an imperative public necessity that the
 2-9     constitutional rule requiring bills to be read on three several
2-10     days in each house be suspended, and this rule is hereby suspended.