Bill Text: TX SB482 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to the provision of certain notices in connection with certain consumer transactions.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2023-02-17 - Referred to Business & Commerce [SB482 Detail]
Download: Texas-2023-SB482-Introduced.html
| 88R1611 JES-F | ||
| By: Johnson | S.B. No. 482 | |
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| 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. | ||
