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A BILL TO BE ENTITLED
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AN ACT
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relating to contracts and other documents issued by credit access |
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businesses. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 393.203, Finance Code, is amended to |
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read as follows: |
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Sec. 393.203. ISSUANCE OF CONTRACT AND OTHER DOCUMENTS. |
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(a) A credit services organization shall give to the consumer, when |
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the document is signed, a copy of the completed contract and any |
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other document the organization requires the consumer to sign. |
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(b) The contract and other documents provided by a credit |
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access business, as defined by Section 393.221(1), to a consumer |
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under this section in relation to an extension of consumer credit |
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must be: |
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(1) provided, before signing, wholly written in both |
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English and Spanish; |
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(2) written in plain language designed to be easily |
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understood by the average consumer; and |
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(3) printed in an easily readable font and type size. |
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(c) The Finance Commission of Texas shall adopt rules to |
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implement this section. |
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SECTION 2. Section 393.223, Finance Code, is amended by |
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adding Subsection (b-1) to read as follows: |
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(b-1) The disclosure and notice required by this section |
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must be available in English and Spanish at each location at which |
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the credit access business performs services described by Section |
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393.221(1). |
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SECTION 3. This Act takes effect September 1, 2019. |