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Texas Finance Code - FIN § 398.003. Exemptions

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

This chapter does not apply to a provider or broker that is:

(1) a bank, out-of-state bank, bank holding company, credit union, federal credit union, out-of-state credit union, or any subsidiary or affiliate of those financial institutions;

(2) a person acting in the capacity of a technology services provider to an entity exempt under this section as part of the exempt entity's commercial sales-based financing program if the person has no interest, arrangement, or agreement to purchase any interest in the commercial sales-based financing extended in connection with the program;

(3) a lender regulated under the Farm Credit Act of 1971 (12 U.S.C. Section 2001 et seq.);  or

(4) a person who extends or brokers:

(A) a commercial sales-based financing transaction secured by real property;

(B) a lease, as defined by Section 2A.103, Business & Commerce Code;

(C) a commercial sales-based financing transaction entered into under a commercial sales-based financing agreement or commercial open-end credit plan of $50,000 or more in which the recipient is:

(i) a dealer, as defined by Section 503.001, Transportation Code;  or

(ii) a motor vehicle rental company or an affiliate of a motor vehicle rental company;  or

(D) a commercial sales-based financing transaction in connection with the sale of products or services that:

(i) the person manufactures, licenses, or distributes;  or

(ii) a parent company, subsidiary, or affiliate of the person described by Subparagraph (i) manufactures, licenses, or distributes.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 398.003. Exemptions - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-398-003/

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