Texas Finance Code

§ 394.2095 — CANCELLATION OF AGREEMENT BY EITHER PROVIDER OR CONSUMER

FI § 394.2095Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 394. DEBTOR ASSISTANCE · Art. C. CONSUMER DEBT MANAGEMENT SERVICES

If a provider or a consumer cancels a debt management service agreement, the provider shall immediately return to the consumer:

(1)any money of the consumer held in trust by the provider for the consumer's benefit; and

(2)65 percent of any portion of the account set-up fee received under Section 394.210(g)(1) that has not been credited against settlement fees.

Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 368 (S.B. 141), Sec. 6, eff. September 1, 2011.