The House Judiciary & Civil Jurisprudence Committee has posted two lawsuit lending bills for hearing on Monday, March 18. The committee will hear HB 1595 by Rep. Doug Miller (R-New Braunfels) and HB 1254 by Rep. Senfronia Thompson (D-Houston). TCJL supports HB 1595, which considers consumer litigation loan transactions as consumer loans subject to usury limits and regulatory requirements of any other loan for household, personal, or family purposes. HB 1254 takes a different approach to regulating consumer lending transactions. It requires lawsuit lenders to register with Texas Department of Licensing and Regulation and comply with certain contract requirements, but it does not limit the effective interest rates that may be charged on lawsuit loans.
TCJL invites interested parties and associations to register in support of HB 1595. The hearing will be held in the Capitol Extension, E2.012, at 2 p.m or on adjournment of the House.