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79R1091 DWS-D

By:  Shapleigh                                                    S.B. No. 72 



A BILL TO BE ENTITLED

AN ACT

relating to assistance of a deferred presentment transaction.                 
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subchapter A, Chapter 342, Finance Code, is 
amended by adding Section 342.010 to read as follows:
	Sec. 342.010.  ASSISTING DEFERRED PRESENTMENT TRANSACTION.  
(a)  A person may not assist in the creation of a deferred 
presentment transaction between a lender and consumer at a rate or 
amount of interest not authorized by this chapter, regardless of 
whether the lender is subject to this chapter.
	(b)  Notwithstanding Section 1.105, Business & Commerce 
Code, or any other state law, an agreement made in connection with a 
deferred presentment transaction to which Subsection (a) applies is 
void to the extent the agreement:
		(1)  waives the application of this section; or                        
		(2)  applies the law of a jurisdiction other than this 
state to determine the permissible rate or amount of interest 
applicable to the transaction.
	(c)  For the purposes of Chapter 349, a person who assists in 
the creation of a deferred presentment transaction is considered to 
contract for interest.
	SECTION 2.  This Act takes effect September 1, 2005.