TITLE: Relating to certain disclosures regarding the terms of a credit card agreement.

SUMMARY: Relating to certain disclosures regarding the terms of a credit card agreement.

FULL TEXT:
AN ACT relating to certain disclosures regarding the terms of a credit card agreement. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subtitle B, Title 4, Finance Code, is amended by adding Chapter 346A to read as follows: CHAPTER 346A. DISCLOSURE REQUIREMENTS FOR CREDIT CARDS Sec. 346A.001. DEFINITION. In this chapter, "credit card" means a card or device issued under an agreement by which the issuer gives to a cardholder the right to obtain credit from the issuer or another person. Sec. 346A.002. CERTAIN DISCLOSURES RELATING TO CHANGE IN TERMS OF AGREEMENT. If a credit card issuer is required under law to disclose a change in the terms of a credit card agreement, the issuer must clearly and specifically describe the difference between the agreement as it existed immediately before the change in terms and the agreement that results from the change in terms. SECTION 2. Chapter 346A, Finance Code, as added by this Act, applies only to a credit card agreement entered into, amended, or renewed on or after the effective date of this Act. A credit card agreement entered into, amended, or renewed before the effective date of this Act is governed by the law in effect on the date the agreement was entered into, amended, or renewed, and the former law is continued in effect for that purpose. SECTION 3. This Act takes effect September 1, 2011.