By Averitt, Jones of Bexar H.B. No. 198
77R870 MTB-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the refund of certain consumer loan acquisition
1-3 charges.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 342.256, Finance Code, is amended to read
1-6 as follows:
1-7 Sec. 342.256. REFUND. (a) An acquisition charge authorized
1-8 under Section 342.252(1), [or] (2), or (3) is considered to be
1-9 earned at the time a loan is made and is not subject to refund.
1-10 (b) On the prepayment of a loan with a cash advance of $30
1-11 or more [but not more than $100], the installment account handling
1-12 charge authorized under Section 342.252(2) or (3) is subject to
1-13 refund in accordance with Subchapter H.
1-14 [(c) On the prepayment of a loan with a cash advance of more
1-15 than $100, the acquisition charge and the installment account
1-16 handling charge authorized under Section 342.252(3) are subject to
1-17 refund in accordance with Subchapter H.]
1-18 SECTION 2. This Act takes effect September 1, 2001, and
1-19 applies only to a loan made on or after that date.