FINANCE CODE

TITLE 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS

SUBTITLE A. INTEREST

CHAPTER 308.  CONSUMER CREDIT PROTECTIONS

Sec. 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 (H.B. 955), Sec. 1.01, eff. September 1, 2005.

Sec. 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 the Truth in Lending Act (15 U.S.C. Section 1661 et seq.);
(2)  Regulation Z (12 C.F.R. Parts 226 and 1026) adopted by the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; and
(3)  the Official Staff Commentary and other interpretations of that statute and regulation by the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, and the staff of those agencies.
(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 Regulation Z (12 C.F.R. Parts 226 and 1026) in advertising a credit transaction is considered to have fully complied with this section.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 1.01, eff. September 1, 2005.
Amended by: 
Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371), Sec. 7, eff. September 1, 2023.

Sec. 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 (H.B. 955), Sec. 1.01, eff. September 1, 2005.