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