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