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AN ACT
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relating to the constituting of certain sales of a used motor |
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vehicle as a private disposition for purposes of Chapter 9, |
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Business & Commerce Code. |
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�������BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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�������SECTION�1.��Subchapter B, Chapter 503, Transportation Code, |
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is amended by adding Section 503.040 to read as follows: |
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�������Sec.�503.040.��SALES OF CERTAIN USED MOTOR VEHICLES |
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CONSTITUTE PRIVATE DISPOSITION. (a)��This section applies only to |
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the sale of a used motor vehicle that constitutes collateral by a |
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secured party acting under Chapter 9, Business & Commerce Code, and |
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occurs at an auction conducted by an independent motor vehicle |
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dealer: |
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�������������(1)��at which neither the debtor nor the secured party |
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is permitted to bid; and |
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�������������(2)��for which there has been no advertisement or |
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public notice before the sale that specifically describes the |
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collateral to be sold, other than the inclusion of the motor vehicle |
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in a list of the vehicles to be offered at the auction made |
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available to potential bidders at the auction. |
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�������(b)��The sale of the used motor vehicle constitutes a private |
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disposition for purposes of Chapter 9, Business & Commerce Code. |
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�������SECTION�2.��The change in law made by Section 503.040, |
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Transportation Code, as added by this Act, applies only to a sale of |
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collateral consisting of a used motor vehicle that occurs on or |
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after the effective date of this Act. A sale of such collateral |
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that occurs before the effective date of this Act is governed by the |
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law applicable to the sale immediately before the effective date of |
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this Act, and that law is continued in effect for that purpose. |
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�������SECTION�3.��This Act takes effect September 1, 2009. |
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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.�1827 passed the Senate on |
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April�9,�2009, by the following vote: Yeas�31, Nays�0; and that |
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the Senate concurred in House amendment on May 29, 2009, by the |
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following vote: Yeas�31, 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.�1827 passed the House, with |
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amendment, on May�15,�2009, by the following vote: Yeas�144, |
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Nays�0, one 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 |