79R5078 DWS-D

By:  Burnam                                                       H.B. No. 1089



A BILL TO BE ENTITLED

AN ACT

relating to information provided by a creditor under a revolving 
credit account concerning payment of the balance amount.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subchapter C, Chapter 346, Finance Code, is 
amended by adding Section 346.207 to read as follows:
	Sec. 346.207.  STATEMENT OF PAY-OFF DATE.  (a)  If a periodic 
bill delivered to the customer under a revolving credit account 
allows the customer to make a minimum payment on the account that is 
less than the entire outstanding balance, the creditor shall 
include on the bill, at a location directly below the location where 
the minimum payment is stated, a statement of the date that the then 
outstanding balance would be paid in full if the minimum payment 
were made for each subsequent periodic bill, assuming that no 
additional extensions of credit were debited to the account.
	(b)  This section applies to an account with a customer who 
is a resident of this state regardless of the location of the 
creditor.  Notwithstanding any other state law, an agreement made 
in connection with the account is void to the extent the agreement 
waives the application of this section or applies the law of a 
jurisdiction other than this state that is inconsistent with this 
section.
	SECTION 2.  This Act applies only to an account agreement 
entered into, amended, or renewed on or after the effective date of 
this Act.
	SECTION 3.  This Act takes effect September 1, 2005.