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A BILL TO BE ENTITLED
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AN ACT
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relating to insufficient funds charges and check or debit |
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authorization for a deferred presentment transaction. |
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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 393.631 to read as follows: |
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Sec. 393.631. INSUFFICIENT FUNDS CHARGE. (a) This section |
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applies to the presentation for payment of a personal check or |
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authorization to debit a deposit account exchanged for a cash |
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advance under a deferred presentment transaction that was obtained |
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for a consumer by a credit access business or that a credit access |
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business assisted a consumer in obtaining. |
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(b) If there are insufficient funds in the account to pay |
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the check or make the debit on the date the check or authorization |
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to debit is presented in accordance with the terms of the deferred |
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presentment transaction, the consumer may not be charged more than |
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$25 in the aggregate, regardless of how many times presentation is |
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made for payment on the account. |
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(c) A credit access business may not present a check or |
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authorization to debit more than twice without written consent of |
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the consumer. |