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A BILL TO BE ENTITLED
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AN ACT
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relating to the regulation of facilitators of tax refund |
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anticipation loans. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 352, Finance Code, is amended by adding |
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Section 352.0045 to read as follows: |
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Sec. 352.0045. WAIVER OF CERTAIN REQUIREMENTS. (a) If a |
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person will collect neither a fee nor interest for a refund |
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anticipation loan during the calendar year in which the person |
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seeks to act as a facilitator, a person may claim an exemption to: |
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(1) the registration processing fee under Section |
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352.003(a); and |
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(2) the Spanish-language printed loan contract |
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requirement under Section 352.004(c). |
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(b) To claim an exemption under Subsection (a), a person |
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must file an application. An exemption claimed under this section |
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is effective on the filing of the application. |
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(c) The finance commission shall adopt rules establishing |
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procedures for claiming an exemption under Subsection (a). The |
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rules must permit a facilitator to file a single application for an |
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exemption for all locations included on the list provided to the |
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commissioner under Section 352.003(a). |
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(d) The commissioner shall prescribe forms to apply for an |
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exemption under Subsection (a). |
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SECTION 2. Section 352.007, Finance Code, is amended to |
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read as follows: |
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Sec. 352.007. ADMINISTRATIVE PENALTY. (a) Except as |
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provided by Subsection (b), the [The] commissioner may assess an |
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administrative penalty of $500 against a person for each knowing |
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and wilful violation of this chapter. |
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(b) If the commissioner discovers that a person has wilfully |
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claimed an exemption under Section 352.0045(a) that the person was |
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not entitled to claim, the commissioner shall assess an |
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administrative penalty of $100 for each location for which the |
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person invalidly claimed an exemption. |
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SECTION 3. Chapter 351, Finance Code, as added by Chapter |
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135 (H.B. 1344), Acts of the 80th Legislature, Regular Session, |
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2007, is amended by adding Section 351.0045 to read as follows: |
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Sec. 351.0045. WAIVER OF CERTAIN REQUIREMENTS. (a) If a |
|
|
person will collect neither a fee nor interest for a refund |
|
|
anticipation loan during the calendar year in which the person |
|
|
seeks to act as a facilitator, a person may claim an exemption to: |
|
|
(1) the registration processing fee under Section |
|
|
351.003(a); and |
|
|
(2) the Spanish-language printed loan contract |
|
|
requirement under Section 351.004(c). |
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|
(b) To claim an exemption under Subsection (a), a person |
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|
must file an application. An exemption claimed under this section |
|
|
is effective on the filing of the application. |
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|
(c) The finance commission shall adopt rules establishing |
|
|
procedures for claiming an exemption under Subsection (a). The |
|
|
rules must permit a facilitator to file a single application for an |
|
|
exemption for all locations included on the list provided to the |
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|
commissioner under Section 351.003(a). |
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(d) The commissioner shall prescribe forms to apply for an |
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exemption under Subsection (a). |
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SECTION 4. Section 351.007, Finance Code, as added by |
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Chapter 135 (H.B. 1344), Acts of the 80th Legislature, Regular |
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Session, 2007, is amended to read as follows: |
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|
Sec. 351.007. ADMINISTRATIVE PENALTY. (a) Except as |
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|
provided by Subsection (b), the [The] commissioner may assess an |
|
|
administrative penalty of $500 against a person for each knowing |
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and wilful violation of this chapter. |
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|
(b) If the commissioner discovers that a person has wilfully |
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claimed an exemption under Section 351.0045(a) that the person was |
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not entitled to claim, the commissioner shall assess an |
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administrative penalty of $100 for each location for which the |
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person invalidly claimed an exemption. |
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SECTION 5. (a) Sections 1 and 2 of this Act take effect only |
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if the Act of the 81st Legislature, Regular Session, 2009, relating |
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to nonsubstantive additions to and corrections in existing codes |
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becomes law. |
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(b) Sections 3 and 4 of this Act take effect only if the Act |
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of the 81st Legislature, Regular Session, 2009, relating to |
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nonsubstantive additions to and corrections in existing codes does |
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not become law. |
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SECTION 6. This Act takes effect September 1, 2009. |