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Texas Laws | Finance Code
FINANCE CODE
TITLE 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS

(1) is not entitled to collect any amount on the pawn transaction; and (20414)

(2) shall return the goods pledged in connection with the pawn transaction on request of the pledgor. (20415)

(c) Subsection (a) or (b) does not apply to a violation that results from an accidental and bona fide error, corrected upon discovery. (20416)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (20417)

TITLE 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES (20418)(Text)

CHAPTER 391. FURNISHING FALSE CREDIT INFORMATION (20419)(Text)

Sec. 391.001. DEFINITION. (20420)(Text)

In this chapter, "credit reporting bureau" means a person who engages in the practice of assembling or reporting credit information about individuals for the purpose of furnishing the information to a third party. (20421)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (20422)

Sec. 391.002. FURNISHING FALSE INFORMATION; PENALTY. (20423)(Text)

(a) A person commits an offense if the person knowingly furnishes false information about another person's creditworthiness, credit standing, or credit capacity to a credit reporting bureau. (20424)

(b) A credit reporting bureau commits an offense if the credit reporting bureau knowingly furnishes false information about a person's creditworthiness, credit standing, or credit capacity to a third party. (20425)

(c) An offense under this section is a misdemeanor punishable by a fine of not more than $200. (20426)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (20427)

CHAPTER 392. DEBT COLLECTION (20428)(Text)

Sec. 392.001. DEFINITIONS. (20429)(Text)

In this chapter: (20430)

(1) "Consumer" means an individual who has a consumer debt. (20431)

(2) "Consumer debt" means an obligation, or an alleged obligation, primarily for personal, family, or household purposes and arising from a transaction or alleged transaction. (20432)

(3) "Creditor" means a party, other than a consumer, to a transaction or alleged transaction involving one or more consumers. (20433)

(4) "Credit bureau" means a person who, for compensation, gathers, records, and disseminates information relating to the creditworthiness, financial responsibility, and paying habits of, and similar information regarding, a person for the purpose of furnishing that information to another person. (20434)

(5) "Debt collection" means an action, conduct, or practice in collecting, or in soliciting for collection, consumer debts that are due or alleged to be due a creditor. (20435)

(6) "Debt collector" means a person who directly or indirectly engages in debt collection and includes a person who sells or offers to sell forms represented to be a collection system, device, or scheme intended to be used to collect consumer debts. (20436)

(7) "Third-party debt collector" means a debt collector, as defined by 15 U.S.C. Section 1692a(6), but does not include an attorney collecting a debt as an attorney on behalf of and in the name of a client unless the attorney has nonattorney employees who: (20437)

(A) are regularly engaged to solicit debts for collection; or (20438)

(B) regularly make contact with debtors for the purpose of collection or adjustment of debts. (20439)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.42, eff. Sept. 1, 1999. (20440)

SUBCHAPTER B. SURETY BOND (20441)(Text)
Sec. 392.101. BOND REQUIREMENT. (20442)(Text)

(a) A third-party debt collector or credit bureau may not engage in debt collection unless the third-party debt collector or credit bureau has obtained a surety bond issued by a surety company authorized to do business in this state as prescribed by this section. A copy of the bond must be filed with the secretary of state. (20443)

(b) The bond must be in favor of: (20444)

(1) any person who is damaged by a violation of this chapter; and (20445)

(2) this state for the benefit of any person who is damaged by a violation of this chapter. (20446)

(c) The bond must be in the amount of $10,000. (20447)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (20448)

Sec. 392.102. CLAIM AGAINST BOND. (20449)(Text)

A person who claims against a bond for a violation of this chapter may maintain an action against the third-party debt collector or credit bureau and against the surety. The aggregate liability of the surety to all persons damaged by a violation of this chapter may not exceed the amount of the bond. (20450)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (20451)

SUBCHAPTER C. INFORMATION IN FILES OF CREDIT BUREAU OR DEBT COLLECTOR (20452)(Text)
Sec. 392.201. REPORT TO CONSUMER. (20453)(Text)

Not later than the 45th day after the date of the request, a credit bureau shall provide to a person in its registry a copy of all information contained in its files concerning that person. (20454)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (20455)

Sec. 392.202. CORRECTION OF THIRD-PARTY DEBT COLLECTOR'S OR CREDIT BUREAU'S FILES. (20456)(Text)

(a) An individual who disputes the accuracy of an item that is in a third-party debt collector's or credit bureau's file on the individual and that relates to a debt being collected by the third-party debt collector may notify in writing the third-party debt collector of the inaccuracy. The third-party debt collector shall make a written record of the dispute. If the third-party debt collector does not report information related to the dispute to a credit bureau, the third-party debt collector shall cease collection efforts until an investigation of the dispute described by Subsections (b)-(e) determines the accurate amount of the debt, if any. If the third-party debt collector reports information related to the dispute to a credit bureau, the reporting third-party debt collector shall initiate an investigation of the dispute described by Subsections (b)-(e) and shall cease collection efforts until the investigation determines the accurate amount of the debt, if any. This section does not affect the application of Chapter 20, Business & Commerce Code, to a third-party debt collector subject to that chapter. (20457)

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