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Texas Finance Code - FIN § 347.003. Bailment or Lease as Credit Transaction

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

(a) A bailment or lease of a manufactured home is a credit transaction if the bailee or lessee:

(1) agrees to pay as compensation for use of the manufactured home an amount that is substantially equal to or that exceeds the aggregate value of the property and services involved;  and

(2) on compliance with the agreement becomes the owner of the manufactured home or has the option to become the owner of the manufactured home, for nominal or no additional consideration.

(b) A bailment or lease that the bailee or lessee may terminate at any time without penalty is not a credit transaction.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 347.003. Bailment or Lease as Credit Transaction - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-347-003/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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