Tex. Finance Code § 353.003
BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION
Texas · Texas Finance Code · Status: effective
Cite this
- Citation
- Tex. Finance Code § 353.003, BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/647743
- Permanent ID
ys:prov:647743@1- SHA-256
c3c2334c7bfe1955805bc1599da5863f50addfde3bb8813472d1063371ffb9ed
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 commercial vehicle is a retail installment transaction if the bailee or lessee:
(1) contracts to pay as compensation for use of the vehicle an amount that is substantially equal to or exceeds the value of the vehicle; and
(2) on full compliance with the bailment or lease is bound to become the owner or, for no or nominal additional consideration, has the option to become the owner of the vehicle.
(b) An agreement for the lease of a commercial vehicle does not create a retail installment transaction by merely providing that the rental price is permitted or required to be adjusted under the agreement as determined by the amount realized on the sale or other disposition of the vehicle, as provided by Section 501.112, Transportation Code.