Tex. Fin. Code § 347.003 · Subchapter A. GENERAL PROVISIONS
BAILMENT OR LEASE AS CREDIT TRANSACTION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.347.htm
- Text hash
- sha256 f42d91052ccbcbf0ef703cf3ec8ef8d77093abbc06ae7eb33b085f81b64dd2b9
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 1 provision
Provisions in this library whose text cites Tex. Fin. Code § 347.003. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.