Texas · Through 89th 2nd Called Legislative Session, 2025

Tex. Finance Code § 347.003: BAILMENT OR LEASE AS CREDIT TRANSACTION.

Where this section sits in the code

FINANCE CODE
TITLE 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS
SUBTITLE B. LOANS AND FINANCED TRANSACTIONS
CHAPTER 347. MANUFACTURED HOME CREDIT TRANSACTIONS
SUBCHAPTER A. GENERAL PROVISIONS

(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.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Collected 2026-08-27T01:47:13Z. Source file · JSON

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