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Relating to the regulation of consumer credit transactions and the regulatory authority of the Office of Consumer Credit Commissioner; amending provisions subject to a criminal penalty.
No fiscal implication to the State is anticipated.
HB 3094 would make several benign alterations to the Titles 1 (General Provisions), 4 (Regulation of Interest, Loans, and Financed Transactions), and 5 (Protection of Consumers of Financial Services) of the Financial Code. Additionally, this legislation would make changes to Chapter 1956 of the Occupations Code and Chapter 32 of the Tax Code.
According to the author’s statement of intent, this bill seeks " to clarify and update the duties and authority of the Office [of Consumer Credit Commissioner].”
HB 3094 would make many technical modifications to existing statutes. Our analysis of this legislation confirms that most of these changes do not pose a significant enough risk to any of our five liberty principles.
We stand neutral on HB 3094 because it neither affirms nor abridges our liberty principles.