Tex. Finance Code § 347.003
This is the official text of Tex. Finance Code § 347.003, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 347.003. BAILMENT OR LEASE AS CREDIT TRANSACTION.
Official statutory 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.
(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.
Status: in_force · Read it on the official government site
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