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A BILL TO BE ENTITLED
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AN ACT
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relating to the provision of certain notices in connection with |
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certain consumer transactions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 2, Business & Commerce |
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Code, is amended by adding Section 2.329 to read as follows: |
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Sec. 2.329. HOLDER NOTICE REQUIREMENTS. (a) In connection |
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with a sale or lease of goods or services to consumers in or |
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affecting the activity of buying or selling, a seller may not take |
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or receive a consumer credit contract, directly or indirectly, |
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unless the contract contains the following provision, displayed in |
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at least 10-point boldfaced type: |
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NOTICE |
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ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT |
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TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD |
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ASSERT AGAINST THE SELLER OF GOODS OR SERVICES |
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OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. |
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RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED |
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AMOUNTS PAID BY THE DEBTOR HEREUNDER. |
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(b) In connection with a sale or lease of goods or services |
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to consumers in or affecting the activity of buying or selling, a |
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seller may not accept, as full or partial payment for such sale or |
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lease, the proceeds of any purchase money loan unless any consumer |
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credit contract made in connection with the purchase money loan |
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contains the following provision, displayed in at least 10-point |
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boldfaced type: |
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NOTICE |
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ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT |
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TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD |
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ASSERT AGAINST THE SELLER OF GOODS OR SERVICES |
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OBTAINED WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER |
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BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE |
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DEBTOR HEREUNDER. |
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SECTION 2. This Act takes effect September 1, 2023. |