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A BILL TO BE ENTITLED
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AN ACT
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relating to sale-leaseback transactions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 341.001(9) and (10), Finance Code, are |
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amended to read as follows: |
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(9) "Loan" has the meaning assigned by Section 301.002 |
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and includes [a sale-leaseback transaction and] a deferred |
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presentment transaction. The term includes a sale-leaseback |
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transaction, other than a sale-leaseback transaction that: |
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(A) may be terminated at any time; |
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(B) complies with 10 U.S.C. Section 987 and any |
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regulations adopted under that law, to the extent applicable; |
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(C) complies with 15 U.S.C. Section 1601 et seq. |
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and any regulations adopted under that law, to the extent |
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applicable; and |
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(D) advises the consumer that complaints may be |
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filed with the office of the attorney general or the Office of |
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Consumer Credit Commissioner. |
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(10) "Sale-leaseback transaction" means a transaction |
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in which a person sells personal property used primarily for |
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personal, family, or household use and the buyer of the property |
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agrees to lease the property back to the seller. [In a
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sale-leaseback transaction:
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[(A)
the buyer is a creditor and the seller is an
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obligor;
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[(B)
an agreement to defer payment of a debt and
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an obligation to pay the debt are established; and
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[(C)
any amount received by the buyer in excess
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of the price paid for the property by the buyer is interest subject
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to this subtitle.] |
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SECTION 2. The changes in law made by this Act apply only to |
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a sale-leaseback transaction entered into on or after the effective |
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date of this Act. A sale-leaseback transaction entered into before |
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the effective date of this Act is governed by the law in effect on |
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the date the sale-leaseback transaction was entered into, and the |
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former law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2019. |