| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Elkins H.B. No. 4225 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to waivers of class actions under the Finance Code. | |
| 7 | 7 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 8 | 8 | SECTION 1. Chapter 339, Finance Code, is amended by adding | |
| 9 | 9 | Section 339.006 read as follows: | |
| 10 | 10 | Sec. 339.006. WAIVERS OF CLASS ACTIONS. Notwithstanding | |
| 11 | 11 | any other law, any contract related to a credit transaction or | |
| 12 | 12 | services subject to this Code may provide for the waiver of any | |
| 13 | 13 | class action or similar proceeding with respect to any cause of | |
| 14 | 14 | action or dispute whatsoever arising out of, in connection with, or | |
| 15 | 15 | related to the credit transaction or services, provided the waiver | |
| 16 | 16 | is in bold-faced type or otherwise made conspicuous. | |
| 17 | 17 | SECTION 2. This Act takes effect immediately if it receives | |
| 18 | 18 | a vote of two-thirds of all the members elected to each house, as | |
| 19 | 19 | provided by Section 39, Article III, Texas Constitution. If this | |
| 20 | 20 | Act does not receive the vote necessary for immediate effect, this | |
| 21 | 21 | Act takes effect September 1, 2017. |