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A BILL TO BE ENTITLED
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AN ACT
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relating to certain retail installment transactions involving the |
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sale of motor vehicles. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 348.004(a), Finance Code, is amended to |
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read as follows: |
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(a) The cash price is the price at which the retail seller |
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offers in the ordinary course of business to sell for cash the goods |
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or services that are subject to the transaction. The advertised |
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price does not necessarily establish a cash price. |
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SECTION 2. Section 348.404(b), Finance Code, is amended to |
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read as follows: |
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(b) A retail seller, in connection with a retail installment |
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transaction, may: |
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(1) advance money to retire: |
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(A) an amount owed against a motor vehicle used |
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as a trade-in or a motor vehicle owned by the buyer that has been |
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declared a total loss by the buyer's insurer; or |
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(B) the retail buyer's outstanding obligation |
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under a motor vehicle lease contract, a credit transaction for the |
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purchase of a motor vehicle, or another retail installment |
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transaction; and |
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(2) finance repayment of that money in a retail |
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installment contract. |
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SECTION 3. This Act takes effect September 1, 2009. |