Texas Finance Code
§ 392.307 — COLLECTION OF CERTAIN CONSUMER DEBT BY DEBT BUYERS
FI § 392.307Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 392. DEBT COLLECTION · Art. D. PROHIBITED DEBT COLLECTION METHODS
Statute text
View on source(a)In this section:
(1)"Charged-off debt" means a consumer debt that a creditor has determined to be a loss or expense to the creditor instead of an asset.
(2)"Debt buyer" means a person who purchases or otherwise acquires a consumer debt from a creditor or other subsequent owner of the consumer debt, regardless of whether the person collects the consumer debt, hires a third party to collect the consumer debt, or hires an attorney to pursue collection litigation in connection with the consumer debt. The term does not include:
(A)a person who acquires in-default or charged-off debt that is incidental to the purchase of a portfolio that predominantly consists of consumer debt that has not been charged off; or
(B)a check services company that acquires the right to collect on a paper or electronic negotiable instrument, including an Automated Clearing House (ACH) authorization to debit an account that has not been processed.
(b)Unless otherwise expressly provided, this section prevails to the extent of any conflict between this section and any other law of this state.
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Legislative history
Added by Acts 2019, 86th Leg., R.S., Ch. 1055 (H.B. 996), Sec. 2, eff. September 1, 2019.