1-1 By: Averitt, Jones of Bexar (Senate Sponsor - Carona) H.B. No. 198
1-2 (In the Senate - Received from the House March 26, 2001;
1-3 March 27, 2001, read first time and referred to Committee on
1-4 Business and Commerce; May 1, 2001, reported favorably by the
1-5 following vote: Yeas 5, Nays 1; May 1, 2001, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the refund of certain consumer loan acquisition
1-9 charges.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Section 342.256, Finance Code, is amended to read
1-12 as follows:
1-13 Sec. 342.256. REFUND. (a) An acquisition charge authorized
1-14 under Section 342.252(1), [or] (2), or (3) is considered to be
1-15 earned at the time a loan is made and is not subject to refund.
1-16 (b) On the prepayment of a loan with a cash advance of $30
1-17 or more [but not more than $100], the installment account handling
1-18 charge authorized under Section 342.252(2) or (3) is subject to
1-19 refund in accordance with Subchapter H.
1-20 [(c) On the prepayment of a loan with a cash advance of more
1-21 than $100, the acquisition charge and the installment account
1-22 handling charge authorized under Section 342.252(3) are subject to
1-23 refund in accordance with Subchapter H.]
1-24 SECTION 2. This Act takes effect September 1, 2001, and
1-25 applies only to a loan made on or after that date.
1-26 * * * * *