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A BILL TO BE ENTITLED
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AN ACT
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relating to the partial repayment of certain extensions of consumer |
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credit obtained for a consumer by a credit access business or that a |
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credit access business assists the consumer in obtaining. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter G, Chapter 393, Finance Code, is |
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amended by adding Section 393.629 to read as follows: |
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Sec. 393.629. PARTIAL REPAYMENT OF PRINCIPAL BALANCE OF |
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CERTAIN EXTENSIONS OF CONSUMER CREDIT. A credit access business |
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may not obtain for a consumer or assist a consumer in obtaining an |
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extension of consumer credit in the form of a deferred presentment |
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transaction or motor vehicle title loan unless the loan contract |
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provides that the lender must accept partial repayment of the |
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principal balance of the loan from the consumer, with no additional |
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fees or penalties, at any time during regular business hours. |
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SECTION 2. Section 393.629, Finance Code, as added by this |
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Act, applies only to an extension of credit made on or after the |
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effective date of this Act. An extension of credit made before the |
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effective date of the Act is governed by the law in effect on the |
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date the extension of credit was made, and the former law is |
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continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2013. |