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A BILL TO BE ENTITLED
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AN ACT
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relating to prohibiting a political subdivision from placing |
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restrictions on loans secured by personal property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The heading to Subchapter A, Chapter 341, |
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Finance Code, is amended to read as follows: |
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SUBCHAPTER A. DEFINITIONS, [AND] TIME COMPUTATION, AND REGULATORY |
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AUTHORITY |
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SECTION 2. Subchapter A, Chapter 341, Finance Code, is |
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amended by adding Section 341.003 to read as follows: |
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Sec. 341.003. REGULATORY AUTHORITY. A municipality or |
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other political subdivision may not prohibit or restrict the |
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ability of an individual to obtain, or a person to make, a loan |
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secured only by the individual's personal property. |
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SECTION 3. 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, 2017. |