Bill Status of HB5577 95th General Assembly
Short Description: DEBT PROTECTION AGREEMENTS
Rep. Tom Cross
|Session Sine Die
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Credit Card Issuance Act and the Retail Installment Sales Act. Provides that, for a 3-day period, retail sellers may not solicit credit-card applicants or buyers in a retail installment transaction to enter into a debt protection agreement. Requires the retail sellers to make certain disclosures when soliciting for debt protection agreements after that 3-day period. Provides that the retail seller may not charge any debt-protection-agreement fees to a person's account, or otherwise charge or collect such fees, until that person has signed a separate contract providing all of the terms and conditions of the debt protection agreement. Includes retail sellers within the penalty provisions for violations of the Credit Card Issuance Act. Contains other provisions. Effective immediately.