|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to certain disclosures regarding the terms of a credit |
|
card agreement. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Subtitle B, Title 4, Finance Code, is amended by |
|
adding Chapter 346A to read as follows: |
|
CHAPTER 346A. DISCLOSURE REQUIREMENTS FOR CREDIT CARDS |
|
Sec. 346A.001. DEFINITION. In this chapter, "credit card" |
|
means a card or device issued under an agreement by which the issuer |
|
gives to a cardholder the right to obtain credit from the issuer or |
|
another person. |
|
Sec. 346A.002. CERTAIN DISCLOSURES RELATING TO CHANGE IN |
|
TERMS OF AGREEMENT. If a credit card issuer is required under law |
|
to disclose a change in the terms of a credit card agreement, the |
|
issuer must clearly and specifically describe the difference |
|
between the agreement as it existed immediately before the change |
|
in terms and the agreement that results from the change in terms. |
|
SECTION 2. Chapter 346A, Finance Code, as added by this Act, |
|
applies only to a credit card agreement entered into, amended, or |
|
renewed on or after the effective date of this Act. A credit card |
|
agreement entered into, amended, or renewed before the effective |
|
date of this Act is governed by the law in effect on the date the |
|
agreement was entered into, amended, or renewed, and the former law |
|
is continued in effect for that purpose. |
|
SECTION 3. This Act takes effect September 1, 2011. |