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