HB 2639 by Rep. Dan Flynn (R-Van) did not pass the House by the Thursday midnight deadline for House bills to advance. The bill was set on Thursday's calendar but did not come up for consideration before the House adjourned for the day. With only 20 bills ahead of it when the House stopped at midnight, HB 2639 was among hundreds of bills reported from committee that were no longer eligible for consideration.
The bill would have addressed a situation which can occur in indirect auto lending when a financial institution purchases a loan from the retail seller of a vehicle that includes a debt cancellation agreement. It would have clarified that the administrator is responsible for ensuring that a refund is issued in a timely manner to a buyer of a debt cancellation agreement who cancels the agreement early.
Contact Jeff Huffman, Texas Credit Union Association, at 469-385-6488 or firstname.lastname@example.org for more information.