Texas Finance Code
§ 394.208 — REQUIRED ACTIONS BY PROVIDER
FI § 394.208Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 394. DEBTOR ASSISTANCE · Art. C. CONSUMER DEBT MANAGEMENT SERVICES
Statute text
View on source(a)A provider may not enroll a consumer in a debt management plan unless, through the services of a counselor certified by an independent accreditation organization, the provider:
(1)has provided the consumer individualized counseling and educational information that at a minimum addresses the topics of managing household finances, managing credit and debt, and budgeting;
(2)has prepared an individualized financial analysis and an initial debt management plan for the consumer's debts with specific recommendations regarding actions the consumer should take;
(3)has determined that the consumer has a reasonable ability to make payments under the proposed debt management plan based on the information provided by the consumer;
(4)if the proposed debt management plan does not provide for a reduction of principal as a concession:
(A)has a reasonable expectation, provided that the consumer has provided accurate information to the provider, that each creditor of the consumer listed as a participating creditor in the plan will accept payment of the consumer's debts as provided in the initial plan; and
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Legislative history
Acts 2007, 80th Leg., R.S., Ch. 48 (S.B. 884), Sec. 3, eff. September 1, 2007. Acts 2011, 82nd Leg., R.S., Ch. 368 (S.B. 141), Sec. 4, eff. September 1, 2011.