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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of a municipality to regulate fees |
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charged in connection with certain loans. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 215, Local Government |
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Code, is amended by adding Section 215.005 to read as follows: |
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Sec. 215.005. REGULATION OF CERTAIN LOANS. (a) In this |
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section, "deferred presentment transaction" and "motor vehicle |
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title loan" have the meanings assigned by Section 393.601, Finance |
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Code. |
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(b) A municipality may by ordinance regulate the fees that |
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may be charged to a borrower in connection with making, |
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facilitating, or obtaining a deferred presentment transaction or |
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motor vehicle title loan. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |