| 1 | 1 | | 84R13876 GRM-F |
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| 2 | 2 | | By: Bernal H.B. No. 4057 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to contracts and other documents issued by credit access |
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| 8 | 8 | | businesses; adding a provision subject to a criminal penalty. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 393.203, Finance Code, is amended to |
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| 11 | 11 | | read as follows: |
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| 12 | 12 | | Sec. 393.203. ISSUANCE OF CONTRACT AND OTHER DOCUMENTS. |
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| 13 | 13 | | (a) A credit services organization shall give to the consumer, when |
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| 14 | 14 | | the document is signed, a copy of the completed contract and any |
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| 15 | 15 | | other document the organization requires the consumer to sign. |
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| 16 | 16 | | (b) The contract and other documents provided by a credit |
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| 17 | 17 | | access business, as defined by Section 393.221(1), to a consumer |
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| 18 | 18 | | under this section in relation to an extension of consumer credit |
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| 19 | 19 | | must be: |
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| 20 | 20 | | (1) provided, before signing, wholly written in both |
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| 21 | 21 | | English and Spanish; |
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| 22 | 22 | | (2) written in plain language designed to be easily |
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| 23 | 23 | | understood by the average consumer; and |
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| 24 | 24 | | (3) printed in an easily readable font and type size. |
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| 25 | 25 | | (c) The Finance Commission of Texas shall adopt rules to |
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| 26 | 26 | | implement this section. |
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| 27 | 27 | | SECTION 2. Section 393.223, Finance Code, is amended by |
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| 28 | 28 | | adding Subsection (b-1) to read as follows: |
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| 29 | 29 | | (b-1) The disclosure and notice required by this section |
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| 30 | 30 | | must be available in English and Spanish at each location at which |
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| 31 | 31 | | the credit access business performs services described by Section |
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| 32 | 32 | | 393.221(1). |
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| 33 | 33 | | SECTION 3. This Act takes effect September 1, 2015. |
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