85R12498 GRM-F     By: Menéndez S.B. No. 1155       A BILL TO BE ENTITLED   AN ACT   relating to fees paid to certain credit services organizations in   connection with certain extensions of consumer credit.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subchapter A, Chapter 302, Finance Code, is   amended by adding Section 302.003 to read as follows:          Sec. 302.003.  RESTRICTION ON CERTAIN THIRD-PARTY FEES TO   OBTAIN, ARRANGE, OR GUARANTEE CERTAIN EXTENSIONS OF CONSUMER   CREDIT. The amount of a fee paid or to be paid to a credit services   organization subject to Chapter 393 to assist a consumer in   transacting, arranging, guaranteeing, or negotiating an extension   of credit or to obtain for a consumer an extension of credit is   considered interest for usury purposes under state law if:                (1)  the extension of credit is secured by a   non-purchase money security interest in personal property or is   unsecured; and                (2)  the proceeds of the extension of credit are used   for personal, family, or household purposes.          SECTION 2.  The changes in law made by this Act apply only to   an extension of consumer credit made on or after the effective date   of this Act. An extension of consumer credit made before the   effective date of this Act is governed by the law in effect on the   date the extension of consumer credit was made, and the former law   is continued in effect for that purpose. For purposes of this   section, a refinance or renewal of an extension of consumer credit   is considered made on the date the extension of consumer credit   being refinanced or renewed was made.          SECTION 3.  This Act takes effect September 1, 2017.