Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB1767 by Collier (Relating to the collection of consumer debt by debt buyers.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Finance Code to provide additional definitions related to debt collection. The bill would prohibit a debt buyer from contacting a consumer for debt collection or bringing a legal proceeding against a consumer on a debt in which the debt buyer knows the cause of action for the debt collection of the consumer debt is past the statute of limitations. The bill would permit a person to bring civil action against a debt buyer who violates the provisions of the bill.
The Office of the Attorney General, Comptroller of Public Accounts, and Office of Consumer Credit Commissioner anticipates any additional work resulting from the passage of the bill could be reasonably absorbed within current resources.
The bill would take effect September 1, 2017.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
302 Office of the Attorney General, 304 Comptroller of Public Accounts, 466 Office of Consumer Credit Commissioner