87R7239 KFF-D
 
  By: Turner of Tarrant H.B. No. 4116
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to credit services organizations and extensions of
  consumer credit facilitated by credit services organizations.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter D, Chapter 393, Finance Code, is
  amended by adding Section 393.308 to read as follows:
         Sec. 393.308.  PROHIBITION RELATING TO EXTENSIONS OF
  CONSUMER CREDIT. A credit services organization may not obtain an
  extension of consumer credit for a consumer or assist a consumer in
  obtaining an extension of consumer credit unless the organization
  is licensed under Subchapter G.
         SECTION 2.  The change in law made by this Act applies only
  to an extension of consumer credit made on or after the effective
  date of this Act. An extension of consumer credit made before the
  effective date of this Act is governed by the law in effect on the
  date the extension of consumer credit was made, and the former law
  is continued in effect for that purpose.
         SECTION 3.  This Act takes effect September 1, 2021.