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AN ACT
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relating to the collection of motor vehicle sales taxes on |
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seller-financed sales by dealers and the registration of finance |
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companies related to those dealers. |
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�������BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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�������SECTION�1.��Section 152.047, Tax Code, is amended by adding |
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Subsection (g-1) to read as follows: |
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�������(g-1)��Subsection (g) does not apply to a transaction by a |
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dealer, as defined by Section 503.001, Transportation Code, in |
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which the dealer: |
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�������������(1)��sells a purchaser's account to a person registered |
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under Section 152.0475 as a related finance company; or |
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�������������(2)��grants a security interest in a purchaser's |
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account but retains custody and control of the account and the right |
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to receive payments in the absence of a default under the security |
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agreement. |
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�������SECTION�2.��Subchapter C, Chapter 152, Tax Code, is amended |
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by adding Section 152.0475 to read as follows: |
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�������Sec.�152.0475.��REGISTRATION OF RELATED FINANCE COMPANY. � |
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(a)��"Related finance company" means a person in which at least 80 |
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percent of the ownership is identical to the ownership of a dealer, |
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as defined by Section 503.001, Transportation Code. |
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�������(b)��The comptroller shall establish a registration system |
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for related finance companies under this section. |
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�������(c)��A related finance company may annually register with the |
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comptroller on a form prescribed by the comptroller. The |
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comptroller shall make the forms available to the public. |
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�������(d)��The comptroller may charge an annual fee for each |
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registration. The fee may not exceed $1,500. |
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�������(e)��The comptroller may adopt rules to implement this |
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section. |
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�������SECTION�3.��The change in law made by this Act does not |
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affect taxes imposed before the effective date of this Act, and the |
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law in effect before the effective date of this Act is continued in |
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effect for purposes of the liability for and collection of those |
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taxes. |
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�������SECTION�4.��This Act takes effect July 1, 2007, if it |
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receives a vote of two-thirds of all the members elected to each |
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house, as provided by Section 39, Article III, Texas Constitution. |
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If this Act does not receive the vote necessary for immediate |
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effect, this Act takes effect September 1, 2007. |
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______________________________ |
______________________________ |
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���President of the Senate |
Speaker of the House����� |
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�������I hereby certify that S.B.�No.�1617 passed the Senate on |
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May�2,�2007, by the following vote:��Yeas�30, Nays�0. |
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______________________________ |
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Secretary of the Senate���� |
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�������I hereby certify that S.B.�No.�1617 passed the House on |
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May�10,�2007, by the following vote:��Yeas�136, Nays�0, two |
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present not voting. |
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______________________________ |
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Chief Clerk of the House��� |
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Approved: |
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______________________________� |
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������������Date |
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______________________________� |
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����������Governor |