Bill Text: TX HB3223 | 2015-2016 | 84th Legislature | Introduced


Bill Title: Relating to requiring a credit access business to verify the vehicle identification number used to obtain a motor vehicle title loan; adding a provision subject to a criminal penalty.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-04-22 - Left pending in committee [HB3223 Detail]

Download: Texas-2015-HB3223-Introduced.html
  84R11473 GRM-D
 
  By: Romero, Jr. H.B. No. 3223
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to requiring a credit access business to verify the
  vehicle identification number used to obtain a motor vehicle title
  loan; adding a provision subject to a criminal penalty.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter G, Chapter 393, Finance Code, is
  amended by adding Section 393.630 to read as follows:
         Sec. 393.630.  VERIFICATION OF MOTOR VEHICLE USED TO OBTAIN
  MOTOR VEHICLE TITLE LOAN. (a)  A credit access business may not
  obtain for a consumer or assist a consumer in obtaining an extension
  of consumer credit in the form of a motor vehicle title loan unless
  the credit access business first:
               (1)  physically inspects the vehicle used as collateral
  to obtain the extension of consumer credit; 
               (2)  photographs the vehicle identification number
  located on the vehicle used as collateral to obtain the extension of
  consumer credit; and 
               (3)  verifies that the vehicle identification number of
  the motor vehicle used as collateral to obtain the extension of
  consumer credit matches the vehicle identification number on the
  title provided to obtain the extension of consumer credit.
         (b)  A credit access business must retain a photograph taken
  as required by Subsection (a)(2) until the second anniversary of
  the date the extension of consumer credit is made.
         SECTION 2.  The changes in law made by this Act apply only to
  an extension of consumer credit made on or after the effective date
  of this Act. An extension of consumer credit made before the
  effective date of this Act is governed by the law in effect on the
  date the extension of consumer credit was made, and the former law
  is continued in effect for that purpose.
         SECTION 3.  This Act takes effect September 1, 2015.
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