House Bill 3019

House Bill 3019

by The CAB Man Texas on March 8, 2013

HB 3019:

This bill was authored by McClendon, and is “relating to certain extensions of consumer credit facilitated by a credit access business for certain military personnel or their dependents.”

The bill aims to sharpen the language and definitions related to CAB transactions with members of the Military and their dependents. HB 3019 wants all CABs to be compliant with the spirit of 10 USC Section 987 and any regulations adopted under that law.

There is some language in the bill dedicated to those who are “covered members” or a “dependent” of a covered member, and that to those which 10 USC Section 987 applies there are new limits on how they may be loaned to. Loans to Military borrowers cannot be go over 90 days as a deferred presentment/payday loan and cannot go over 180 days on an auto title loan. The 90 & 180 day rules for payday and title loans are the same across the board for covered members, members of the military, and dependents of military, and members of the reserve component of the US armed forces. A “dependent” is defined in the bill as a spouse or child of the member.

Would go into effect on 9-1-2013.

Leave a Comment

Currently you have JavaScript disabled. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page. Click here for instructions on how to enable JavaScript in your browser.

Previous post:

Next post:

Leave a Reply

Your email address will not be published. Required fields are marked *