BILL ANALYSIS |
C.S.H.B. 2548 |
By: Burkett |
Investments & Financial Services |
Committee Report (Substituted) |
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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RULEMAKING AUTHORITY
It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
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ANALYSIS
C.S.H.B. 2548 amends the Finance Code to transfer from the Finance Commission of Texas to the consumer credit commissioner the exclusive jurisdiction to enforce statutory provisions prohibiting the imposition of a surcharge for the use of a credit card and makes conforming changes. The bill clarifies that the finance commission may adopt rules relating to the enforcement of such a prohibition.
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EFFECTIVE DATE
September 1, 2013.
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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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