Tex. Finance Code § 397.001
This is the official text of Tex. Finance Code § 397.001, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 397.001. DEFINITIONS.
Official statutory text
In this chapter:
(1) "Covered vehicle" includes a self-propelled or towed vehicle designed for personal use, including an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, boat, personal watercraft, and personal watercraft trailer.
(2) "Debt cancellation agreement" means a lease term or a contractual arrangement modifying a lease term under which a lessor or holder agrees to cancel all or part of an obligation of the lessee to pay the lessor or holder on the occurrence of the total loss or theft of the covered vehicle that is the subject of the lease but does not include an offer to pay a specified amount on the total loss or theft of the covered vehicle.
(3) "Holder" means a person who is:
(A) a lessor; or
(B) the assignee or transferee of a lease.
(4) "Lease" means a lease for a covered vehicle.
(1) "Covered vehicle" includes a self-propelled or towed vehicle designed for personal use, including an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, boat, personal watercraft, and personal watercraft trailer.
(2) "Debt cancellation agreement" means a lease term or a contractual arrangement modifying a lease term under which a lessor or holder agrees to cancel all or part of an obligation of the lessee to pay the lessor or holder on the occurrence of the total loss or theft of the covered vehicle that is the subject of the lease but does not include an offer to pay a specified amount on the total loss or theft of the covered vehicle.
(3) "Holder" means a person who is:
(A) a lessor; or
(B) the assignee or transferee of a lease.
(4) "Lease" means a lease for a covered vehicle.
Status: in_force · Read it on the official government site
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