By Carona S.B. No. 105
77R1197 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 applies only to a loan made on or after
1-19 the effective date of this Act.
1-20 SECTION 3. This Act takes effect immediately if it receives a
1-21 vote of two-thirds of all the members elected to each house, as
1-22 provided by Section 39, Article III, Texas Constitution. If this
1-23 Act does not receive the vote necessary for immediate effect, this
1-24 Act takes effect September 1, 2001.