Bill Text: TX SB482 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to the provision of certain notices in connection with certain consumer transactions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-02-17 - Referred to Business & Commerce [SB482 Detail]
Download: Texas-2023-SB482-Introduced.html
88R1611 JES-F | ||
By: Johnson | S.B. No. 482 |
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relating to the provision of certain notices in connection with | ||
certain consumer transactions. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 2, Business & Commerce | ||
Code, is amended by adding Section 2.329 to read as follows: | ||
Sec. 2.329. HOLDER NOTICE REQUIREMENTS. (a) In connection | ||
with a sale or lease of goods or services to consumers in or | ||
affecting the activity of buying or selling, a seller may not take | ||
or receive a consumer credit contract, directly or indirectly, | ||
unless the contract contains the following provision, displayed in | ||
at least 10-point boldfaced type: | ||
NOTICE | ||
ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT | ||
TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD | ||
ASSERT AGAINST THE SELLER OF GOODS OR SERVICES | ||
OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. | ||
RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED | ||
AMOUNTS PAID BY THE DEBTOR HEREUNDER. | ||
(b) In connection with a sale or lease of goods or services | ||
to consumers in or affecting the activity of buying or selling, a | ||
seller may not accept, as full or partial payment for such sale or | ||
lease, the proceeds of any purchase money loan unless any consumer | ||
credit contract made in connection with the purchase money loan | ||
contains the following provision, displayed in at least 10-point | ||
boldfaced type: | ||
NOTICE | ||
ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT | ||
TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD | ||
ASSERT AGAINST THE SELLER OF GOODS OR SERVICES | ||
OBTAINED WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER | ||
BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE | ||
DEBTOR HEREUNDER. | ||
SECTION 2. This Act takes effect September 1, 2023. |