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  H.B. No. 2746
 
 
 
 
AN ACT
  relating to requirements related to refunds and credit provided
  under terminated debt cancellation agreements.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 354.007, Finance Code, is amended by
  amending Subsections (e), (f), and (g) and adding Subsection (e-1)
  to read as follows:
         (e)  If the debt cancellation agreement terminates due to the
  early termination of the contract, a [the] holder who is a retail
  seller who has not assigned or transferred the contract shall:
               (1)  [,] not later than the 60th day after the date the
  debt cancellation agreement terminates[:
               [(1)]  refund or credit an appropriate amount of the
  debt cancellation agreement fee; or
               (2)  cause to be refunded or credited an appropriate
  amount of the debt cancellation agreement fee by providing written
  instruction not later than the 30th day after the date the debt
  cancellation agreement terminates, including by electronic means,
  to the administrator of the agreement [appropriate person].
         (e-1)  If the debt cancellation agreement terminates due to
  the early termination of the contract, a holder, other than a holder
  described by Subsection (e), shall:
               (1)  not later than the 60th day after the date the debt
  cancellation agreement terminates refund or credit an appropriate
  amount of the debt cancellation agreement fee; or
               (2)  cause to be refunded or credited an appropriate
  amount of the debt cancellation agreement fee by providing written
  instruction not later than the 30th day after the date the debt
  cancellation agreement terminates, including by electronic means,
  to the administrator of the agreement and the retail seller.
         (f)  The administrator of the agreement or the administrator
  of the agreement and the retail seller, as applicable, not later
  than the 30th day after receiving the written instructions
  specified under Subsection (e)(2) or (e-1)(2), [holder] shall
  provide [ensure that] a refund or credit of an amount of a debt
  cancellation agreement fee proportional to the amount received by
  the administrator and retail seller under the agreement [made by
  another person under Subsection (e)(2) is made not later than the
  60th day after the date the debt cancellation agreement
  terminates].
         (g)  The administrator of the agreement and the retail seller
  [holder] shall maintain records of any refund or credit of an amount
  of a debt cancellation agreement fee made under Subsection (e) or
  (e-1) and provide electronic access to those records until the
  later of the fourth anniversary of the date of the contract or the
  second anniversary of the date of the refund or credit.
         SECTION 2.  The changes in law made by this Act to Section
  354.007, Finance Code, are procedural only and do not require the
  refiling of forms to implement.
         SECTION 3.  This Act takes effect September 1, 2023.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 2746 was passed by the House on May 2,
  2023, by the following vote:  Yeas 141, Nays 3, 3 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 2746 was passed by the Senate on May
  16, 2023, by the following vote:  Yeas 31, Nays 0.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor