85R4817 EES-F     By: Longoria H.B. No. 2977       A BILL TO BE ENTITLED   AN ACT   relating to methods of computing interest charges on certain   consumer loans.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 342.201, Finance Code, is amended by   adding Subsection (e-1) to read as follows:          (e-1)  The interest charge under Subsection (e) must be   contracted for, charged, or received using the scheduled   installment earnings method or the true daily earnings method under   one of the following methods:                (1)  applying the applicable daily rate to each part of   the unpaid principal balance corresponding to the brackets   described by Subsection (e) for the actual or scheduled number of   days during a payment period; or                (2)  applying a single equivalent daily rate to the   unpaid principal balance for the actual or scheduled number of days   during a payment period, where the single equivalent daily rate is   determined at the inception of the loan using the scheduled   installment earnings method and would earn an amount of interest   authorized under Subsection (e) if the debt were paid to maturity   according to the schedule of payments.          SECTION 2.  This Act takes effect September 1, 2017.