Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB2339 by Thompson, Senfronia (Relating to trade-in credit agreements offered in connection with certain motor vehicle retail installment contracts.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Finance Code relating to trade-in credit agreements offered in connection with certain motor vehicle retail installment contracts. The bill would define "trade-in credit agreement" and permit a retail seller to offer to sell to a retail buyer a trade-in credit agreement under certain conditions. The bill would require a retail seller to comply with disclosure requirements under state or federal law in addition to additional provisions under the bill. The bill would permit a retail installment contract to include a separate charge amount for the trade-in agreement.
The Department of Insurance, Department of Savings and Mortgage Lending, Department of Banking, Consumer Credit Commission, and Credit Union Department anticipate any additional work resulting from the passage of the bill could be reasonably absorbed within current resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
450 Department of Savings and Mortgage Lending, 451 Department of Banking, 454 Department of Insurance, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department