83R8758 ATP-F
 
  By: Rodriguez S.B. No. 1689
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the regulation of credit access businesses.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 393.604(a), Finance Code, is amended to
  read as follows:
         (a)  An application for a license under this subchapter must:
               (1)  be under oath;
               (2)  give the approximate location from which the
  business is to be conducted;
               (3)  contain [identify] the names, physical addresses,
  mailing addresses, and telephone numbers of the business's
  principal parties in interest, and the nature and extent of their
  interests in the business;
               (4)  contain the name, physical address, and telephone
  number of all third-party lender organizations with which the
  business contracts to provide services described by Section
  393.602(a) or from which the business arranges extensions of
  consumer credit described by Section 393.602(a); and
               (5)  contain other relevant information that the
  commissioner requires for the findings required under Section
  393.607.
         SECTION 2.  Section 393.620, Finance Code, is amended to
  read as follows:
         Sec. 393.620.  TRANSFER OR ASSIGNMENT OF LICENSE
  PROHIBITED.  A license may not be transferred or assigned [only
  with the approval of the commissioner].
         SECTION 3.  Subchapter G, Chapter 393, Finance Code, is
  amended by adding Sections 393.629 and 393.630 to read as follows:
         Sec. 393.629.  MAINTENANCE OF RECORDS. A credit access
  business shall maintain a complete set of records of all extensions
  of consumer credit obtained for consumers by the business or that
  the business assisted consumers in obtaining. The records must
  include:
               (1)  the name and address of each consumer; and
               (2)  the principal amount of the advance or loan.
         Sec. 393.630.  ROLLOVER FEES PROHIBITED. (a) A credit
  access business may not charge a fee or other valuable
  consideration to obtain for a consumer or assist a consumer in
  obtaining an extension of consumer credit in which a deferred
  presentment transaction or motor vehicle title loan is being
  renewed, rolled over, or otherwise consolidated by a lender.
         (b)  For purposes of this section, "roll over" means:
               (1)  to refinance or pay all or part of the finance
  charges and cash advance of a deferred presentment transaction with
  a new deferred presentment transaction; or
               (2)  to refinance or pay all or part of the principal
  amount and finance charges of a motor vehicle title loan with a new
  motor vehicle title loan.
         SECTION 4.  This Act takes effect September 1, 2013.