82R4906 KFF-D
By: Davis of Dallas H.B. No. 1442
A BILL TO BE ENTITLED
AN ACT
relating to certain disclosures regarding the terms of a credit
card agreement.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle B, Title 4, Finance Code, is amended by
adding Chapter 346A to read as follows:
CHAPTER 346A. DISCLOSURE REQUIREMENTS FOR CREDIT CARDS
Sec. 346A.001. DEFINITION. In this chapter, "credit card"
means a card or device issued under an agreement by which the issuer
gives to a cardholder the right to obtain credit from the issuer or
another person.
Sec. 346A.002. CERTAIN DISCLOSURES RELATING TO CHANGE IN
TERMS OF AGREEMENT. If a credit card issuer is required under law
to disclose a change in the terms of a credit card agreement, the
issuer must clearly and specifically describe the difference
between the agreement as it existed immediately before the change
in terms and the agreement that results from the change in terms.
SECTION 2. Chapter 346A, Finance Code, as added by this Act,
applies only to a credit card agreement entered into, amended, or
renewed on or after the effective date of this Act. A credit card
agreement entered into, amended, or renewed before the effective
date of this Act is governed by the law in effect on the date the
agreement was entered into, amended, or renewed, and the former law
is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2011.