TITLE: Relating to waivers of class actions under the Finance Code.

SUMMARY: Relating to waivers of class actions under the Finance Code.

FULL TEXT:
AN ACT relating to waivers of class actions under the Finance Code. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Chapter 339, Finance Code, is amended by adding Section 339.006 read as follows: Sec. 339.006. WAIVERS OF CLASS ACTIONS. Notwithstanding any other law, any contract related to a credit transaction or services subject to this Code may provide for the waiver of any class action or similar proceeding with respect to any cause of action or dispute whatsoever arising out of, in connection with, or related to the credit transaction or services, provided the waiver is in bold-faced type or otherwise made conspicuous. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.