Tex. Finance Code § 345.068
This is the official text of Tex. Finance Code § 345.068, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 345.068. BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION.
Official statutory text
A bailment or lease is a retail installment transaction if the bailee or lessee:
(1) contracts to pay as compensation for the use of goods an amount that substantially equals or exceeds the value of those goods; and
(2) on full compliance with the bailment or lease is bound to become the owner of the goods or has the option to become the owner of the goods for no or nominal additional consideration.
(1) contracts to pay as compensation for the use of goods an amount that substantially equals or exceeds the value of those goods; and
(2) on full compliance with the bailment or lease is bound to become the owner of the goods or has the option to become the owner of the goods for no or nominal additional consideration.
Status: in_force · Read it on the official government site
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