82R557 ATP-D
By: Rodriguez H.B. No. 212
A BILL TO BE ENTITLED
AN ACT
relating to the regulation of a credit services organization.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 393.001(3), Finance Code, is amended to
read as follows:
(3) "Credit services organization" means a person who
provides, or represents that the person can or will provide, for the
payment of valuable consideration any of the following services
with respect to the extension of consumer credit by others:
(A) improving a consumer's credit history or
rating; or
(B) [obtaining an extension of consumer credit
for a consumer; or
[(C)] providing advice or assistance to a
consumer with regard to Paragraph (A) [or (B)].
SECTION 2. Subchapter D, Chapter 393, Finance Code, is
amended by adding Section 393.308 to read as follows:
Sec. 393.308. OBTAINING EXTENSIONS OF CONSUMER CREDIT
PROHIBITED. A credit services organization may not obtain an
extension of consumer credit for a consumer or assist a consumer in
obtaining an extension of consumer credit.
SECTION 3. This Act takes effect September 1, 2011.