Tex. Fin. Code § 348.408 · Subchapter E. HOLDER'S RIGHTS, DUTIES, AND LIMITATIONS
OUTSTANDING BALANCE INFORMATION; PAYMENT IN FULL.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The holder of a retail installment contract who gives the retail buyer or the buyer's designee outstanding balance information relating to the contract is bound by that information and shall honor that information for a reasonable time.
(b) If the retail buyer or the buyer's designee tenders to the holder as payment in full an amount derived from that outstanding balance information, the holder shall:
(1) accept the amount as payment in full; and
(2) release the holder's lien against the motor vehicle within a reasonable time not later than the 10th day after the date on which the amount is tendered.
(c) A retail seller must pay in full the outstanding balance of a vehicle traded in not later than the 25th day after the date that:
(1) the retail installment contract is signed by the retail buyer and the retail buyer receives delivery of the motor vehicle; and
(2) the retail seller receives delivery of the motor vehicle traded in and the necessary and appropriate documents to transfer title from the buyer.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 7, eff. September 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.348.htm
- Text hash
- sha256 4314d6cf9094b112671d1875a2dedf62ab7fc79c21bd21447d7d14b74f5f30f7
- 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 4 provisions
Provisions in this library whose text cites Tex. Fin. Code § 348.408. Each shows the citation as that text prints it.
Finance Code
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.