{"data":{"id":"us-tx/tex.-finance-code-347.003","jurisdiction":"us-tx","citation":"Tex. Finance Code § 347.003","heading":"BAILMENT OR LEASE AS CREDIT TRANSACTION.","body":"(a) A bailment or lease of a manufactured home is a credit transaction if the bailee or lessee:\n(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\n(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.\n(b) A bailment or lease that the bailee or lessee may terminate at any time without penalty is not a credit transaction.\nActs 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.","path":["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"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.347.htm#347.003","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"15310b6e830e3b5dd460e9ffabbec095bce49be285a85466ff374ea63f4b3b1f","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-347.002","next":"us-tx/tex.-finance-code-347.004"},"notice":"GroundRules: Original legal text. Not legal advice."}