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A BILL TO BE ENTITLED
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AN ACT
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relating to regulation of certain credit transactions and lenders. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 348.004, Finance Code, is amended by |
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adding Subsection (d) to read as follows: |
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(d) The cash price is: |
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(1) the amount negotiated by a retail buyer and retail |
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seller; or |
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(2) an advertised price, but only if the advertisement |
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states that the advertised price is the same as the 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 lease contract or another credit or 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. Section 349.303, Finance Code, is amended by |
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amending Subsection (b) and adding Subsection (c) to read as |
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follows: |
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(b) The late filing fee for obtaining a license after the |
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date it is required under this title is $2,000 if the application |
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for the license is filed not later than the 180th day after the date |
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the license is required under this title. |
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(c) The late filing fee is $10,000 for: |
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(1) obtaining a license after the 180th day after the |
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date the license [time it] is required under this title; or |
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(2) renewing an expired license to which Subsection |
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(a) does not apply. |
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SECTION 4. This Act takes effect September 1, 2009. |