TITLE: Relating to the authority of a municipality to regulate fees charged in connection with certain loans.

SUMMARY: Relating to the authority of a municipality to regulate fees charged in connection with certain loans.

FULL TEXT:
AN ACT relating to the authority of a municipality to regulate fees charged in connection with certain loans. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter A, Chapter 215, Local Government Code, is amended by adding Section 215.005 to read as follows: Sec. 215.005. REGULATION OF CERTAIN LOANS. (a) In this section, "deferred presentment transaction" and "motor vehicle title loan" have the meanings assigned by Section 393.601, Finance Code. (b) A municipality may by ordinance regulate the fees that may be charged to a borrower in connection with making, facilitating, or obtaining a deferred presentment transaction or motor vehicle title loan. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.