| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R10940 CLG-F | |
| 2 | 2 | By: Craddick H.B. No. 2211 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to a restriction on the services provided by a credit | |
| 8 | 8 | services organization with respect to certain extensions of | |
| 9 | 9 | consumer credit. | |
| 10 | 10 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | 11 | SECTION 1. Subchapter D, Chapter 393, Finance Code, is | |
| 12 | 12 | amended by adding Section 393.308 to read as follows: | |
| 13 | 13 | Sec. 393.308. SERVICES FOR CERTAIN LOANS PROHIBITED. (a) | |
| 14 | 14 | This section does not apply to an extension of consumer credit for | |
| 15 | 15 | the express purpose of financing the purchase of a motor vehicle | |
| 16 | 16 | used as security for the debt. | |
| 17 | 17 | (b) A credit services organization or a representative of | |
| 18 | 18 | the organization may not obtain, facilitate, or assist in obtaining | |
| 19 | 19 | an extension of consumer credit for a consumer in which any of the | |
| 20 | 20 | following is given as security for or in connection with the debt: | |
| 21 | 21 | (1) a motor vehicle certificate of title; | |
| 22 | 22 | (2) the consumer's personal check to be cashed or | |
| 23 | 23 | deposited at a designated future date; or | |
| 24 | 24 | (3) an authorization to debit at a designated future | |
| 25 | 25 | date a deposit account maintained by the consumer. | |
| 26 | 26 | SECTION 2. This Act takes effect September 1, 2009. |