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BACKGROUND AND PURPOSE
The Finance Commission of Texas
is the governing board for three agencies: the Office of Consumer Credit
Commissioner, the Texas Department of Banking, and the Department of Savings
and Mortgage Lending. Interested parties note that the finance commission also
serves as a policy-making and oversight body but generally grants its enforcement
authority to one of the other three agencies, which have staff to investigate
violations and legal departments to bring enforcement actions. Interested
parties report that the finance commission currently possesses the authority
to enforce any miscellaneous provisions relating to the imposition of a
surcharge for the use of a credit card; however, the finance commission has
no investigation staff or legal department to assist it in exercising such
authority. C.S.H.B. 2548 seeks to remedy this situation by vesting the finance
commission's authority to enforce such provisions with the consumer credit commissioner.
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COMPARISON OF ORIGINAL
AND SUBSTITUTE
While C.S.H.B. 2548 may differ
from the original in minor or nonsubstantive ways by conforming to
certain bill drafting conventions, the following comparison is organized and
highlighted in a manner that indicates the substantial differences between
the introduced and committee substitute versions of the bill.
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INTRODUCED
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HOUSE COMMITTEE
SUBSTITUTE
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SECTION 1. Section 339.001,
Finance Code, is amended.
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SECTION 1. Substantially the
same as introduced version
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No
equivalent provision.
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SECTION 2. Section 14.101,
Finance Code, is amended to read as follows:
Sec. 14.101. GENERAL DUTIES
OF COMMISSIONER. The commissioner shall enforce Section 339.001,
this chapter, Subtitles B and C of Title 4, Chapter 393 with respect to a
credit access business, and Chapter 394 in person or through an assistant
commissioner, examiner, or other employee of the office.
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SECTION 2. Section 14.201,
Finance Code, is amended.
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SECTION 3. Substantially the
same as introduced version.
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SECTION 3. Section
14.2015(a), Finance Code, is amended.
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SECTION 4. Substantially the
same as introduced version.
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SECTION 4. Section
14.251(b), Finance Code, is amended.
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SECTION 5. Substantially the
same as introduced version.
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No
equivalent provision.
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SECTION 6. Section
14.261(a), Finance Code, is amended to read as follows:
(a) In administering this
chapter, the commissioner may accept assurance of voluntary compliance from
a person who is engaging in or has engaged in an act or practice in
violation of:
(1) Section 339.001;
(2) this chapter or a
rule adopted under this chapter;
(3) [(2)]
Chapter 393, if the person is a credit access business, or Chapter 394; or
(4) [(3)]
Subtitle B, Title 4, or a rule adopted under Subtitle B, Title 4.
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No
equivalent provision.
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SECTION 7. Section 14.262,
Finance Code, is amended to read as follows:
Sec. 14.262. EFFECT OF
ASSURANCE. (a) An assurance of voluntary compliance is not an admission
of a violation of:
(1) Section 339.001;
(2) this chapter or a
rule adopted under this chapter;
(3) [(2)] Chapter
393 with respect to a credit access business or Chapter 394; or
(4) [(3)]
Subtitle B, Title 4, or a rule adopted under Subtitle B, Title 4.
(b) Unless an assurance of
voluntary compliance is rescinded by agreement or voided by a court for
good cause, a subsequent failure to comply with the assurance is prima
facie evidence of a violation of:
(1) Section 339.001;
(2) this chapter or a
rule adopted under this chapter;
(3) [(2)]
Chapter 393 with respect to a credit access business or Chapter 394; or
(4) [(3)]
Subtitle B, Title 4, or a rule adopted under Subtitle B, Title 4.
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No
equivalent provision.
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SECTION 8. The change in law
made by this Act applies only to a violation of Section 339.001, Finance
Code, as amended by this Act, that occurs on or after the effective date of
this Act. A violation that occurs before that date is governed by the law
in effect immediately before the effective date of this Act, and that law
is continued in effect for that purpose.
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No
equivalent provision.
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SECTION 9. To the extent of
any conflict, this Act prevails over another Act of the 83rd Legislature,
Regular Session, 2013, relating to nonsubstantive additions to and
corrections in enacted codes.
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SECTION 5. This Act takes
effect September 1, 2013.
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SECTION 10. Same as
introduced version.
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