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A BILL TO BE ENTITLED
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AN ACT
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relating to a cap on the total amount to be paid by a consumer under |
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a rental-purchase agreement. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter F, Chapter 35, Business & Commerce |
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Code, is amended by adding Section 35.735 to read as follows: |
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Sec. 35.735. CAP ON TOTAL AMOUNT TO BE PAID BY CONSUMER. |
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The total amount to be paid by a consumer to acquire ownership of |
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merchandise under a rental-purchase agreement may not exceed an |
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amount equal to the sum of: |
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(1) the cash price of the merchandise; and |
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(2) 15 percent of the cash price of the merchandise. |
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SECTION 2. The change in law made by this Act applies only |
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to a rental-purchase agreement entered into on or after the |
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effective date of this Act. A rental-purchase agreement entered |
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into before the effective date of this Act is covered by the law in |
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effect on the date the rental-purchase agreement was entered into, |
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and the former law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |