Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
FROM:
John S. O'Brien, Director, Legislative Budget Board
IN RE:
HB3021 by Leibowitz (Relating to the interest and fees that may be charged for certain consumer loans; providing a criminal penalty.), As Introduced
The bill would amend the Finance Code as it relates to interest and fees for certain consumer loans. Under the provisions of the bill, a violation of Section 342.606, Finance Code would be punishable as a state jail felony.
A state jail felony is punishable by confinement in a state jail for any term of not more than two years or less than 180 days, or, in addition to confinement, a fine not to exceed $10,000.
Broadening the types of behavior punishable by incarceration is expected to result in increased demands upon the correctional resources of counties or of the State due to longer terms of probation, or, longer terms of confinement in county jails or prison. However, the number of offenders convicted under the provisions of the bill is not expected to result in increased demands upon the correctional resources of counties or of the State.