Bill Text: TX HB197 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to contracts and other documents issued by credit access businesses.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2017-02-14 - Referred to Investments & Financial Services [HB197 Detail]
Download: Texas-2017-HB197-Introduced.html
| 85R1437 GRM-F | ||
| By: Bernal | H.B. No. 197 | |
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| relating to contracts and other documents issued by credit access | ||
| businesses. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 393.203, Finance Code, is amended to | ||
| read as follows: | ||
| Sec. 393.203. ISSUANCE OF CONTRACT AND OTHER DOCUMENTS. | ||
| (a) A credit services organization shall give to the consumer, when | ||
| the document is signed, a copy of the completed contract and any | ||
| other document the organization requires the consumer to sign. | ||
| (b) The contract and other documents provided by a credit | ||
| access business, as defined by Section 393.221(1), to a consumer | ||
| under this section in relation to an extension of consumer credit | ||
| must be: | ||
| (1) provided, before signing, wholly written in both | ||
| English and Spanish; | ||
| (2) written in plain language designed to be easily | ||
| understood by the average consumer; and | ||
| (3) printed in an easily readable font and type size. | ||
| (c) The Finance Commission of Texas shall adopt rules to | ||
| implement this section. | ||
| SECTION 2. Section 393.223, Finance Code, is amended by | ||
| adding Subsection (b-1) to read as follows: | ||
| (b-1) The disclosure and notice required by this section | ||
| must be available in English and Spanish at each location at which | ||
| the credit access business performs services described by Section | ||
| 393.221(1). | ||
| SECTION 3. This Act takes effect September 1, 2017. | ||
