Tex. Fin. Code § 398.056 · Subchapter B. REGULATION AND DISCLOSURE REQUIREMENTS
CERTAIN AUTOMATIC DEBITS PROHIBITED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A provider or commercial sales-based financing broker may not establish a mechanism for automatically debiting a recipient's deposit account unless the provider or broker holds a validly perfected security interest in the recipient's account under Chapter 9, Business & Commerce Code, with a first priority against the claims of all other persons.
Notes and commentary — not statutory text
History
Added by Acts 2025, 89th Leg., R.S., Ch. 723 (H.B. 700), Sec. 1, eff. September 1, 2025.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.398.htm
- Text hash
- sha256 866dbaf7ccaabdefcc8b00f7df171f855787d5cbe92db9f2bd4b4ed896be55d3
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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Business & Commerce Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.