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A BILL TO BE ENTITLED
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AN ACT
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relating to waivers of class actions under the Finance Code. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 339, Finance Code, is amended by adding |
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Section 339.006 read as follows: |
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Sec. 339.006. WAIVERS OF CLASS ACTIONS. Notwithstanding |
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any other law, any contract related to a credit transaction or |
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services subject to this Code may provide for the waiver of any |
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class action or similar proceeding with respect to any cause of |
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action or dispute whatsoever arising out of, in connection with, or |
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related to the credit transaction or services, provided the waiver |
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is in bold-faced type or otherwise made conspicuous. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |