| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the limitation on the amount that may be charged for |
|
|
certain debt cancellation agreements. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 348.601(b), Finance Code, is amended to |
|
|
read as follows: |
|
|
(b) The amount charged for a debt cancellation agreement |
|
|
made in connection with a retail installment contract may not |
|
|
exceed five percent of the amount financed pursuant to the retail |
|
|
installment contract [must be created in good faith and be
|
|
|
commercially reasonable]. Section 348.124(c) does not apply to a |
|
|
debt cancellation agreement regulated under this subchapter. |
|
|
S |
|
|
ECTION 2. EFFECTIVE DATE. This Act takes effect September |
|
|
1, 2013. |