87R1016 SRA-D     By: Miles S.B. No. 363       A BILL TO BE ENTITLED   AN ACT   relating to prohibiting daily simple interest home loans.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subchapter B, Chapter 343, Finance Code, is   amended by adding Section 343.107 to read as follows:          Sec. 343.107.  DAILY SIMPLE INTEREST HOME LOANS PROHIBITED.   (a) In this section, "daily simple interest home loan" means a home   loan that accrues interest daily on the outstanding balance of the   loan.          (b)  A lender may not make a daily simple interest home loan.          SECTION 2.  Section 343.107, Finance Code, as added by this   Act, applies only to a loan closed on or after the effective date of   this Act.          SECTION 3.  This Act takes effect September 1, 2021.