| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 85R1437 GRM-F | |
| 2 | 2 | By: Bernal H.B. No. 197 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to contracts and other documents issued by credit access | |
| 8 | 8 | businesses. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 393.203, Finance Code, is amended to | |
| 11 | 11 | read as follows: | |
| 12 | 12 | Sec. 393.203. ISSUANCE OF CONTRACT AND OTHER DOCUMENTS. | |
| 13 | 13 | (a) A credit services organization shall give to the consumer, when | |
| 14 | 14 | the document is signed, a copy of the completed contract and any | |
| 15 | 15 | other document the organization requires the consumer to sign. | |
| 16 | 16 | (b) The contract and other documents provided by a credit | |
| 17 | 17 | access business, as defined by Section 393.221(1), to a consumer | |
| 18 | 18 | under this section in relation to an extension of consumer credit | |
| 19 | 19 | must be: | |
| 20 | 20 | (1) provided, before signing, wholly written in both | |
| 21 | 21 | English and Spanish; | |
| 22 | 22 | (2) written in plain language designed to be easily | |
| 23 | 23 | understood by the average consumer; and | |
| 24 | 24 | (3) printed in an easily readable font and type size. | |
| 25 | 25 | (c) The Finance Commission of Texas shall adopt rules to | |
| 26 | 26 | implement this section. | |
| 27 | 27 | SECTION 2. Section 393.223, Finance Code, is amended by | |
| 28 | 28 | adding Subsection (b-1) to read as follows: | |
| 29 | 29 | (b-1) The disclosure and notice required by this section | |
| 30 | 30 | must be available in English and Spanish at each location at which | |
| 31 | 31 | the credit access business performs services described by Section | |
| 32 | 32 | 393.221(1). | |
| 33 | 33 | SECTION 3. This Act takes effect September 1, 2017. |