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By: Thompson of Harris, et al. |
H.B. No. 2459 |
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(Senate Sponsor - Carona) |
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(In the Senate - Received from the House April 29, 2013; |
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April 30, 2013, read first time and referred to Committee on |
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Business and Commerce; May 7, 2013, reported favorably by the |
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following vote: Yeas 7, Nays 0; May 7, 2013, sent to printer.) |
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A BILL TO BE ENTITLED
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AN ACT
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relating to the limitation on the amount that may be charged for |
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certain debt cancellation agreements. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 348.601(b), Finance Code, is amended to |
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read as follows: |
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(b) The amount charged for a debt cancellation agreement |
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made in connection with a retail installment contract may not |
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exceed five percent of the amount financed pursuant to the retail |
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installment contract [must be created in good faith and be
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commercially reasonable]. Section 348.124(c) does not apply to a |
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debt cancellation agreement regulated under this subchapter. |
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SECTION 2. This Act takes effect September 1, 2013. |
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* * * * * |