| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to sale-leaseback transactions. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 341.001(9), Finance Code, is amended to |
|
|
read as follows: |
|
|
(9) "Loan" has the meaning assigned by Section 301.002 |
|
|
and includes [a sale-leaseback transaction and] a deferred |
|
|
presentment transaction. |
|
|
SECTION 2. Sections 341.001(10), 342.009, and 349.503, |
|
|
Finance Code, are repealed. |
|
|
SECTION 3. The changes in law made by this Act apply only to |
|
|
a sale-leaseback transaction entered into on or after the effective |
|
|
date of this Act. A sale-leaseback transaction entered into before |
|
|
the effective date of this Act is governed by the law in effect on |
|
|
the date the sale-leaseback transaction was entered into, and the |
|
|
former law is continued in effect for that purpose. |
|
|
SECTION 4. This Act takes effect September 1, 2019. |