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.