| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 87R7239 KFF-D | |
| 2 | 2 | By: Turner of Tarrant H.B. No. 4116 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to credit services organizations and extensions of | |
| 8 | 8 | consumer credit facilitated by credit services organizations. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subchapter D, Chapter 393, Finance Code, is | |
| 11 | 11 | amended by adding Section 393.308 to read as follows: | |
| 12 | 12 | Sec. 393.308. PROHIBITION RELATING TO EXTENSIONS OF | |
| 13 | 13 | CONSUMER CREDIT. A credit services organization may not obtain an | |
| 14 | 14 | extension of consumer credit for a consumer or assist a consumer in | |
| 15 | 15 | obtaining an extension of consumer credit unless the organization | |
| 16 | 16 | is licensed under Subchapter G. | |
| 17 | 17 | SECTION 2. The change in law made by this Act applies only | |
| 18 | 18 | to an extension of consumer credit made on or after the effective | |
| 19 | 19 | date of this Act. An extension of consumer credit made before the | |
| 20 | 20 | effective date of this Act is governed by the law in effect on the | |
| 21 | 21 | date the extension of consumer credit was made, and the former law | |
| 22 | 22 | is continued in effect for that purpose. | |
| 23 | 23 | SECTION 3. This Act takes effect September 1, 2021. |