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Relating to the applicability of Texas law to consumer financial transactions extended to persons located in this state at the time the transaction is entered into.
No fiscal implication to the State is anticipated.
SB 1949 would apply Texas lending laws under the administration of the Office of the Consumer Credit Commissioner to online lending. This would clarify that online lending is subject to the same regulatory framework as lending that is done by mail so long as the transaction took place while the loan applicant was in the state of Texas.
Texas Action is neutral on SB 1949 as it does not appear to affect any of our liberty principles.