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Can you summarize Tex. Bus. & Com. Chapter 761?
MARKETING PRACTICES > CREDIT CARD MARKETING AT POSTSECONDARY EDUCATIONAL INSTITUTIONS
Short Summary
This legal document governs credit card marketing activities conducted by credit card issuers at postsecondary educational institutions in Texas. It defines ‘campus credit card marketing activity’ and provides definitions for key terms such as ‘credit card’, ‘credit card issuer’, ‘governing board’, and ‘postsecondary educational institution’. The document prohibits credit card issuers from engaging in campus credit card marketing activities outside of designated campus locations or at times other than those designated by the governing board of the institution. It also restricts credit card issuers from offering gifts or incentives for credit card applications without providing financial educational material. The document requires credit card issuers to develop financial educational material in consultation with or subject to approval by the postsecondary educational institution, covering topics such as money management skills, credit card terms, credit educational resources, and responsible credit practices. The material must be made available to students on campus and online, and provided to students when issuing credit cards. Additionally, the document mandates that the governing board of a postsecondary educational institution designating a location for campus credit card marketing activities must adopt a policy requiring a credit card and debt education and counseling session as part of new student orientation, which may utilize existing educational materials prepared by nonprofit entities. The document also includes an enforcement provision, stating that intentional violations may result in civil penalties not exceeding $2,500 per violation, with the attorney general or prosecuting attorney authorized to bring suit for recovery of the penalty. This legal document was added to the Texas Statutes in 2009.
Whom does it apply to?
Agents or employees of credit card issuers conducting marketing activities on the campus of a postsecondary educational institution
What does it govern?
Credit card marketing activities at postsecondary educational institutions
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties for non-compliance or violation are mentioned
Jurisdiction
Texas