Bill Text: TX HB4116 | 2021-2022 | 87th Legislature | Introduced

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Bill Title: Relating to credit services organizations and extensions of consumer credit facilitated by credit services organizations.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2021-04-14 - Left pending in committee [HB4116 Detail]

Download: Texas-2021-HB4116-Introduced.html

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87R7239 KFF-D
By: Turner of Tarrant H.B. No. 4116

A BILL TO BE ENTITLED
AN ACT
relating to credit services organizations and extensions of
consumer credit facilitated by credit services organizations.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter D, Chapter 393, Finance Code, is
amended by adding Section 393.308 to read as follows:
Sec. 393.308. PROHIBITION RELATING TO EXTENSIONS OF
CONSUMER CREDIT. A credit services organization may not obtain an
extension of consumer credit for a consumer or assist a consumer in
obtaining an extension of consumer credit unless the organization
is licensed under Subchapter G.
SECTION 2. The change in law made by this Act applies only
to an extension of consumer credit made on or after the effective
date of this Act. An extension of consumer credit made before the
effective date of this Act is governed by the law in effect on the
date the extension of consumer credit was made, and the former law
is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2021.