(1) In accordance with this section, a creditor may contract with the debtor of a closed-end consumer contract for a waiver by the debtor of the right to initiate or participate in a class action related to the closed-end consumer contract. (2) To contract for the waiver described in Subsection (1), the creditor shall disclose the waiver: (a) to the debtor; (b) in the closed-end consumer contract; and (c) for a closed-end consumer contract entered into on or after August 1, 2006, in: (i) bold type; or (ii) all capital letters.
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