Bill Text: TX SB397 | 2013-2014 | 83rd Legislature | Engrossed

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Bill Title: Relating to the statute of limitations for an action on a credit card account.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2013-05-06 - Left pending in committee [SB397 Detail]

Download: Texas-2013-SB397-Engrossed.html

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By: Duncan S.B. No. 397

A BILL TO BE ENTITLED
AN ACT
relating to the statute of limitations for an action on a credit
card account.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subsection (c), Section 16.004, Civil Practice
and Remedies Code, is amended to read as follows:
(c) A person must bring suit against his partner for a
settlement of partnership accounts, and must bring an action on an
open, [or] stated, or credit card account, or on a mutual and
current account concerning the trade of merchandise between
merchants or their agents or factors, not later than four years
after the day that the cause of action accrues. For purposes of
this subsection, the cause of action accrues on the day that the
dealings in which the parties were interested together cease or, in
the case of a credit card account, the date the account was charged
off.
SECTION 2. The change in law made by this Act applies only
to the limitations period for an action on a credit card account on
which a payment or charge is made on or after the effective date of
this Act. The limitations period for an action on a credit card
account on which a payment or charge is not made on or after the
effective date of this Act is governed by the law in effect
immediately before the effective date of this Act, and that law is
continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2013.