Tex. Fin. Code § 353.405 · 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 commercial 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 to the retail seller as part of the retail installment transaction 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 commercial 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
Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.353.htm
- Text hash
- sha256 49fee81c1dee542f54b909ba318d187dfdb659af573e6af70e2602ca207a85aa
- 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 3 provisions
Provisions in this library whose text cites Tex. Fin. Code § 353.405. 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.