Loading chat...
TX HB476
Bill
Status
11/12/2024
Primary Sponsor
John Bucy
Click for details
AI Summary
-
Caps maximum interest rates on deferred presentment transactions (payday loans) at 36% annually for advances of $300 or less, and 38.5% annually for advances over $300
-
Requires the annual percentage rate calculation to include all charges to the consumer, including interest, lender charges, fees, and any other consideration received by credit access businesses
-
Makes any deferred presentment transaction that violates these interest rate caps void and unenforceable
-
Creates a Class A misdemeanor criminal offense for lenders who enter into deferred presentment transactions exceeding the maximum interest rates
-
Applies only to loans made on or after September 1, 2025, with existing loans and refinances of existing loans governed by prior law
Legislative Description
Relating to the maximum permitted rate of interest, sum of fees, and other amounts that may be charged in connection with deferred presentment transactions; creating a criminal offense.
Financial
Last Action
Referred to Pensions, Investments & Financial Services
2/28/2025