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A BILL TO BE ENTITLED
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AN ACT
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relating to the regulation of a credit services organization. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 393.001(3), Finance Code, is amended to |
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read as follows: |
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(3) "Credit services organization" means a person who |
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provides, or represents that the person can or will provide, for the |
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payment of valuable consideration any of the following services |
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with respect to the extension of consumer credit by others: |
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(A) improving a consumer's credit history or |
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rating; or |
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(B) [obtaining an extension of consumer credit
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for a consumer; or
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[(C)] providing advice or assistance to a |
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consumer with regard to Paragraph (A) [or (B)]. |
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SECTION 2. 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. OBTAINING EXTENSIONS OF CONSUMER CREDIT |
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PROHIBITED. 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. |
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SECTION 3. This Act takes effect September 1, 2011. |