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Texas Finance Code - FIN § 348.002. Bailment or Lease as Retail Installment Transaction

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

A bailment or lease of a motor vehicle is a retail installment transaction if the bailee or lessee:

(1) contracts to pay as compensation for use of the vehicle an amount that is substantially equal to or exceeds the value of the vehicle;  and

(2) on full compliance with the bailment or lease is bound to become the owner or, for no or nominal additional consideration, has the option to become the owner of the vehicle.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 348.002. Bailment or Lease as Retail Installment Transaction - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-348-002/

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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