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