Enrolled House Bill (H)

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DIGEST

Financial institutions and consumer credit. Makes various changes to the statutes concerning: (1) first lien mortgage lenders; (2) persons licensed under the Uniform Consumer Credit Code; (3) rental purchase agreements; (4) financial institutions; (5) pawnbrokers; (6) money transmitters; and (7) check cashers. Changes references to the "Federal Consumer Credit Protection Act" to references to the "Consumer Credit Protection Act" throughout these statutes. Removes outdated references to: (1) the Office of Thrift Supervision; and (2) the Federal Reserve Board; throughout the statutes. In the statute concerning rental purchase agreements: (1) repeals the definition of "Federal Consumer Credit Protection Act"; and (2) Financial institutions and consumer credit. Makes various changes to the statutes concerning: (1) first lien mortgage lenders; (2) persons licensed under the Uniform Consumer Credit Code; (3) rental purchase agreements; (4) financial institutions; (5) pawnbrokers; (6) money transmitters; and (7) check cashers. Changes references to the "Federal Consumer Credit Protection Act" to references to the "Consumer Credit Protection Act" throughout these statutes. Removes outdated references to: (1) the Office of Thrift Supervision; and (2) the Federal Reserve Board; throughout the statutes. In the statute concerning rental purchase agreements: (1) repeals the definition of "Federal Consumer Credit Protection Act"; and (2) adds a new definition for "Consumer Credit Protection Act". In the statutes concerning: (1) pawnbrokers; (2) money transmitters; and (3) check cashers; repeals existing provisions concerning the conducting of other business at locations at which the regulated financial services are performed. Replaces the repealed provisions with language specifying that other business may be conducted at such locations unless a licensee carries on the business for the purpose of evading or violating the applicable statute. Amends requirements that must be met before a debt management company may enter into a debt management plan agreement with a debtor, including removal of specific budget analysis provisions. Makes conforming changes concerning the conducting of other business at locations at which regulated financial services are performed in the statutes concerning: (1) first lien mortgage transactions; (2) consumer loans; and (3) small loans; to provide for uniform provisions in the various statutes. ... View more