Tex. Finance Code § 347.003
BAILMENT OR LEASE AS CREDIT TRANSACTION
Texas · Texas Finance Code · Status: effective
Cite this
- Citation
- Tex. Finance Code § 347.003, BAILMENT OR LEASE AS CREDIT TRANSACTION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/647462
- Permanent ID
ys:prov:647462@1- SHA-256
7dc309b71eb553fa2302e0dcf5b2fc9bf535addab14db3664ce95ba8f184b0c9
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(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.