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A BILL TO BE ENTITLED
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AN ACT
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relating to a requirement that a credit access business include |
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copies of its agreements with third-party lenders in an application |
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for a license. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 393.604, Finance Code, is amended by |
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amending Subsection (a) and adding Subsection (d) to read as |
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follows: |
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(a) An application for a license under this subchapter must: |
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(1) be under oath; |
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(2) give the approximate location from which the |
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business is to be conducted; |
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(3) identify the business's principal parties in |
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interest; |
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(4) contain the name, physical address, and telephone |
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number of all third-party lender organizations with which the |
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business contracts to provide services described by Section |
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393.602(a) or from which the business arranges extensions of |
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consumer credit described by Section 393.602(a); [and] |
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(5) include a copy of each agreement between the |
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business and a third-party lender organization with which the |
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business contracts to provide services described by Section |
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393.602(a) or from which the business arranges extensions of |
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consumer credit described by Section 393.602(a); and |
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(6) contain other relevant information that the |
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commissioner requires for the findings required under Section |
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393.607. |
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(d) Information provided by an applicant under this section |
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is public information for the purposes of Chapter 552, Government |
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Code, notwithstanding any exception provided by that chapter. |
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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. |