US Laws, Codes, Statutes & Cases

FINANCE CODE

CHAPTER 308. CONSUMER CREDIT PROTECTIONS


	§ 308.001. APPLICABILITY.  This chapter applies to a 
person regularly engaged in the business of extending credit under 
this subtitle primarily for personal, family, or household use and 
not for a business, commercial, investment, or agricultural 
purpose.  This chapter does not apply to a transaction primarily for 
a business, commercial, investment, or agricultural purpose.

Added by Acts 2005, 79th Leg., ch. 1018, § 1.01, eff. Sept. 1, 
2005.     


	§ 308.002. FALSE, MISLEADING, OR DECEPTIVE 
ADVERTISING.  (a) A creditor may not, in any manner, advertise or 
cause to be advertised a false, misleading, or deceptive statement 
or representation relating to a rate, term, or condition of a credit 
transaction or advertise credit terms that the person does not 
intend to offer to consumers who qualify for those terms.
	(b)  This section does not create a private right of action.                   
	(c)  In interpreting this section, an administrative agency 
or a court shall be guided by the applicable advertising provisions 
of:
		(1)  Part C of 15 U.S.C. Chapter 41, Subchapter I (15 
U.S.C. Section 1601 et seq.);
		(2)  12 C.F.R. Part 226 adopted by the Board of 
Governors of the Federal Reserve System;  and
		(3)  the Official Staff Commentary and other 
interpretations of that statute and regulation by the Board of 
Governors of the Federal Reserve System and its staff.
	(d)  If a requirement of this section and a requirement of a 
federal law, including a regulation or an interpretation of federal 
law, are inconsistent or in conflict, federal law controls and the 
inconsistent or conflicting requirements of this chapter do not 
apply.
	(e)  A creditor who complies with the Truth in Lending Act 
(15 U.S.C. Section 1601 et seq.) and Federal Reserve Regulation Z 
(12 C.F.R. Part 226) in advertising a credit transaction is 
considered to have fully complied with this section.

Added by Acts 2005, 79th Leg., ch. 1018, § 1.01, eff. Sept. 1, 
2005.     


	§ 308.003. NO DOUBLE LIABILITY OR ENFORCEMENT FOR SAME ACT 
OR PRACTICE.  A judgment, consent decree, assurance of compliance, 
or other resolution of a claimed violation asserted by a federal 
agency under the Consumer Credit Protection Act (15 U.S.C. Section 
1601 et seq.) bars a subsequent action or other enforcement under 
this chapter with respect to the same act or practice.

Added by Acts 2005, 79th Leg., ch. 1018, § 1.01, eff. Sept. 1, 
2005.