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Texas Finance Code - FIN § 348.102. Contents of Contract

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

(a) A retail installment contract must contain:

(1) the name of the retail seller and the name of the retail buyer;

(2) the place of business or address of the retail seller;

(3) the residence or other address of the retail buyer as specified by the retail buyer;

(4) a description of the motor vehicle being sold;

(5) the cash price of the retail installment transaction;

(6) the amount of any down payment by the retail buyer, specifying the amounts paid in money and in goods traded in;  and

(7) each itemized charge.

(b) A charge for insurance, a service contract, or a warranty authorized by Subchapter C   1 may be disclosed as provided by that subchapter.

(c) A retail installment contract that provides for a variable contract rate must set out the method by which the rate is computed.

(d) The contract must contain substantially the following notice in at least 10-point type that is bold-faced, capitalized, or underlined or otherwise conspicuously set out from the surrounding written material:

“NOTICE TO THE BUYER--DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR IF IT CONTAINS ANY BLANK SPACES.  YOU ARE ENTITLED TO A COPY OF THE CONTRACT YOU SIGN.  UNDER THE LAW YOU HAVE THE RIGHT TO PAY OFF IN ADVANCE THE FULL AMOUNT DUE AND UNDER CERTAIN CONDITIONS MAY OBTAIN A PARTIAL REFUND OF THE FINANCE CHARGE.  KEEP THIS CONTRACT TO PROTECT YOUR LEGAL RIGHTS.”

1  V.T.C.A., Finance Code § 348.201 et seq.
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Cite this article: FindLaw.com - Texas Finance Code - FIN § 348.102. Contents of Contract - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-348-102/

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