88R1611 JES-F
By: Johnson S.B. No. 482
A BILL TO BE ENTITLED
AN ACT
relating to the provision of certain notices in connection with
certain consumer transactions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 2, Business & Commerce
Code, is amended by adding Section 2.329 to read as follows:
Sec. 2.329. HOLDER NOTICE REQUIREMENTS. (a) In connection
with a sale or lease of goods or services to consumers in or
affecting the activity of buying or selling, a seller may not take
or receive a consumer credit contract, directly or indirectly,
unless the contract contains the following provision, displayed in
at least 10-point boldfaced type:
NOTICE
ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT
TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD
ASSERT AGAINST THE SELLER OF GOODS OR SERVICES
OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF.
RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED
AMOUNTS PAID BY THE DEBTOR HEREUNDER.
(b) In connection with a sale or lease of goods or services
to consumers in or affecting the activity of buying or selling, a
seller may not accept, as full or partial payment for such sale or
lease, the proceeds of any purchase money loan unless any consumer
credit contract made in connection with the purchase money loan
contains the following provision, displayed in at least 10-point
boldfaced type:
NOTICE
ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT
TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD
ASSERT AGAINST THE SELLER OF GOODS OR SERVICES
OBTAINED WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER
BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE
DEBTOR HEREUNDER.
SECTION 2. This Act takes effect September 1, 2023.