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A BILL TO BE ENTITLED
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AN ACT
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relating to certain disclosures regarding the terms of a credit |
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card agreement. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle B, Title 4, Finance Code, is amended by |
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adding Chapter 346A to read as follows: |
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CHAPTER 346A. DISCLOSURE REQUIREMENTS FOR CREDIT CARDS |
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Sec. 346A.001. DEFINITION. In this chapter, "credit card" |
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means a card or device issued under an agreement by which the issuer |
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gives to a cardholder the right to obtain credit from the issuer or |
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another person. |
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Sec. 346A.002. CERTAIN DISCLOSURES RELATING TO CHANGE IN |
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TERMS OF AGREEMENT. If a credit card issuer is required under law |
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to disclose a change in the terms of a credit card agreement, the |
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issuer must clearly and specifically describe the difference |
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between the agreement as it existed immediately before the change |
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in terms and the agreement that results from the change in terms. |
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SECTION 2. Chapter 346A, Finance Code, as added by this Act, |
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applies only to a credit card agreement entered into, amended, or |
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renewed on or after the effective date of this Act. A credit card |
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agreement entered into, amended, or renewed before the effective |
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date of this Act is governed by the law in effect on the date the |
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agreement was entered into, amended, or renewed, 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, 2011. |