Journal of the House of Representatives of the Regular Session of the Sixtieth Legislature of the State of Texas, Volume 1 Page: 275
1946 p. ; 23 cm.View a full description of this legislative document.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
February 13, 1967 HOUSE JOURNAL
PROCLAMATION
BY THE GOVERNOR
The Speaker laid before the House
and had read the following Proclama-
tion by the Governor:
PROCLAMATION BY THE GOVER-
NOR OF THE STATE OF TEXAS
To all to whom these presents shall
come:
To the Members of the Sixtieth Leg-
islature:
Consumer credit is an area of econo-
mic activity of vital concern to all
the people of our State. It constitutes
one of the most important segments
of our economy. Today, the total
volume of consumer credit in our State
is estimated to be 4 billion dollars
per year. In the future, this volume
will increase substantially. Every Tex-
an at one time or another uses some
form of consumer credit during his
lifetime. For most Texans, consumer
credit is a means customarily used to
improve standards of living and ob-
tain necessary funds to meet unfore-
seen personal emergencies.
At the present time, only a small
portion of this total volume of con-
sumer credit in the State of Texas is
subject to effective public supervision
or control. This lack of regulation has
facilitated the development of a clim-
ate of consumer credit abuse in our
State. While only a small minority of
businessmen, many of whom are tran-
sient to our State, engage in such
unsavory practices, they reap a toll
of millions of dollars a year. More
importantly, they bring discredit and
disgrace to the rest of the business
community who have no use for such
practices. Most importantly, though,
they abuse those who can least afford
to be victimized in our society-the
poor, the uneducated, the young enter-
ing adulthood and economic activity
for the first time, and the very old
struggling to maintain a way of life
on limited retirement incomes. Our
State cannot, and must not, tolerate
the economic abuse of citizens who are
unable to protect themselves.developing comprehensive legislation
which would protect the public from
abuses and provide a fair, competitive
climate for all lenders of consumer
credit. During the last two years, the
Commission has worked long and hard
on this difficult assignment. Research
and statistics on the workings of con-
sumer credit were compiled from
every state of the union and several
foreign countries. In addition, the
Commission held extensive public
hearings on consumer credit abuses
in San Antonio, Houston, Dallas and
Austin. As a result of this work, the
Commission has filed with me a re-
port which recommends the adoption
of a comprehensive consumer credit
code to embrace all lenders and ven-
dors of consumer credit and all con-
sumer credit transactions.
This code provides plentiful safe-
guards for the public in every type
of consumer credit transaction. In ad-
dition, it sets out fair but firm and
effective penalties for violation. The
rates of charge authorized in this code
are no higher than rates currently
being charged for consumer credit in
our State and, on a national com-
parison, are for the most part sub-
stantially below the rates charged for
such credit in other states. More im-
portantly, all qualified lenders and
vendors of consumer credit, such as
banks, savings and loan associations,
credit unions, sales finance companies,
consumer finance companies, and the
like, are authorized upon qualification
to operate under all provisions of the
code. This authorization will provide
full and effective competition, and the
people of Texas can be thus assured
of receiving consumer credit at the
lowest possible competitive cost.
I commend, most favorably, the re-
commendations of the State Finance
Commission in this important area of
economic activity. The comprehensive
consumer credit code proposed by the
Commission will place Texas in the
forefront of the states of our Nation
in regard to this important area of
vital concern to the people. This code
is by necessity complex, but its pur-
pose is simple. It seeks to provide
adequate, essential and effective pro-
tection for the people of Texas.In June, 1965, I requested the tate
Finance Commission to study the en- This cause is just; this need is
tire field of consumer credit in the great. I recommend this consumer
State of Texas, with a view toward credit code to you, secure in the275
I
Upcoming Pages
Here’s what’s next.
Search Inside
This document can be searched. Note: Results may vary based on the legibility of text within the document.
Related Items
Other items on this site that are directly related to the current legislative document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Legislative Document.
Texas. Legislature. House of Representatives. Journal of the House of Representatives of the Regular Session of the Sixtieth Legislature of the State of Texas, Volume 1, legislative document, 1967; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth193874/m1/279/: accessed April 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.