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TX HB1350
Bill
Status
11/15/2024
Primary Sponsor
Chris Turner
Click for details
AI Summary
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Caps the annual percentage rate (APR) at 36% for consumer credit extensions obtained through or with assistance from credit services organizations
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Requires APR calculation to include all total charges: interest, lender charges, fees, and any other valuable consideration received by the credit services organization or its representatives
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Amends existing law to make credit access business fees subject to the new 36% APR cap while still allowing fees to be calculated on daily, biweekly, monthly, or other periodic basis
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Applies only to extensions of consumer credit made on or after the effective date; existing loans remain governed by prior law
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Takes effect September 1, 2025
Legislative Description
Relating to a restriction on total charges charged for extensions of consumer credit that a credit services organization obtains for a consumer or assists a consumer in obtaining.
Financial
Last Action
Referred to Pensions, Investments & Financial Services
3/10/2025