81st Texas Legislature, Senate Bill 1966, Chapter 149 Page: 1 of 4
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Chapter 149
S.B. No. 1966
1 AN ACT
2 relating to debt cancellation agreements offered in connection with
3 motor vehicle retail installment contracts.
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
5 SECTION 1. Section 348.001, Finance Code, is amended by
6 adding Subdivision (1-a) to read as follows:
7 (1-a) "Debt cancellation agreement" means a retail
8 installment contract term or a contractual arrangement modifying a
9 retail installment contract term under which a retail seller or
10 holder agrees to cancel all or part of an obligation of the retail
11 buyer to repay an extension of credit from the retail seller or
12 holder on the occurrence of the total loss or theft of the motor
13 vehicle that is the subject of the retail installment contract but
14 does not include an offer to pay a specified amount on the total
15 loss or theft of the motor vehicle.16 SECTION 2. Section 348.005, Finance Code, is amended to
17 read as follows:
18 Sec. 348.005. ITEMIZED CHARGE. An amount in a retail
19 installment contract is an itemized charge if the amount is not
20 included in the cash price and is the amount of:
21 (1) fees for registration, certificate of title, and
22 license and any additional registration fees charged by a full
23 service deputy under Section 502.114, Transportation Code;
24 (2) any taxes;1
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Texas. Legislature. Senate. 81st Texas Legislature, Senate Bill 1966, Chapter 149, legislative document, May 23, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth149489/m1/1/: accessed April 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.