Sec. 113.053. REQUIRED DISCLOSURE; USE OF FORM. (a) A financial institution shall disclose the information provided in this subchapter to a customer at the time the customer selects or modifies an account. A financial institution is considered to have disclosed the information provided in this subchapter if:
(1) the financial institution uses the form provided by Section 113.052; and
(2) the customer places the customer's initials to the right of each paragraph of the form.
(b) If a financial institution varies the format of the form provided by Section 113.052, the financial institution may make disclosures in the account agreement or in any other form that discloses the information provided by this subchapter. Disclosures under this subsection must:
(1) be given separately from other account information;
(2) be provided before account selection or modification;
(3) be printed in 14-point boldfaced type; and
(4) if the discussions that precede the account opening or modification are conducted primarily in a language other than English, be in that language.
(c) The financial institution shall notify the customer of the type of account the customer selected.
(d) This section does not apply to a credit union.
Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 85 (S.B. 1791), Sec. 1, eff. September 1, 2015.
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