1-1 By: Carona S.B. No. 105
1-2 (In the Senate - Filed November 14, 2000; January 11, 2001,
1-3 read first time and referred to Committee on Business and Commerce;
1-4 February 7, 2001, reported favorably by the following vote: Yeas
1-5 6, Nays 1; February 7, 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 applies only to a loan made on or after
1-25 the effective date of this Act.
1-26 SECTION 3. This Act takes effect immediately if it receives
1-27 a vote of two-thirds of all the members elected to each house, as
1-28 provided by Section 39, Article III, Texas Constitution. If this
1-29 Act does not receive the vote necessary for immediate effect, this
1-30 Act takes effect September 1, 2001.
1-31 * * * * *