Bill Text: TX HB3855 | 2019-2020 | 86th Legislature | Enrolled
Bill Title: Relating to methods of computing interest charges on certain consumer loans.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2019-06-14 - Effective on 9/1/19 [HB3855 Detail]
Download: Texas-2019-HB3855-Enrolled.html
H.B. No. 3855 |
|
||
relating to methods of computing interest charges on certain | ||
consumer loans. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 342.201, Finance Code, is amended by | ||
adding Subsection (e-1) to read as follows: | ||
(e-1) The interest charge under Subsection (e) must be | ||
contracted for, charged, or received using the scheduled | ||
installment earnings method or the true daily earnings method under | ||
one of the following methods: | ||
(1) applying the applicable daily rate to each part of | ||
the unpaid principal balance corresponding to the brackets | ||
described by Subsection (e) for the actual or scheduled number of | ||
days during a payment period; or | ||
(2) applying a single equivalent daily rate to the | ||
unpaid principal balance for the actual or scheduled number of days | ||
during a payment period, where the single equivalent daily rate is | ||
determined at the inception of the loan using the scheduled | ||
installment earnings method and would earn an amount of interest | ||
authorized under Subsection (e) if the debt were paid to maturity | ||
according to the schedule of payments. | ||
SECTION 2. This Act takes effect September 1, 2019. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 3855 was passed by the House on May 8, | ||
2019, by the following vote: Yeas 136, Nays 4, 1 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 3855 was passed by the Senate on May | ||
22, 2019, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |