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Texas Finance Code - FIN § 339.003. Sale of Open-End Account Without Merchant Discount

Current as of January 01, 2024 | Updated by Findlaw Staff

A seller or lessor may sell an open-end account credit agreement described by Section 339.002(a) or any balance under that agreement to a purchaser who purchases a substantial part of the seller's or lessor's open-end account credit agreements or balances under those agreements in accordance with Subchapter G, Chapter 345.  1  A charge, fee, or discount on that sale:

(1) is not a merchant discount;

(2) does not disqualify the open-end account credit agreement or a balance under that agreement from being subject to Chapter 303 or from coverage under this section;  and

(3) does not subject the account to the limitations provided by Section 303.006(c).

1 V.T.C.A., Finance Code § 345.301 et seq.
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Cite this article: FindLaw.com - Texas Finance Code - FIN § 339.003. Sale of Open-End Account Without Merchant Discount - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-339-003/

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