Texas Business & Commerce Code

§ 601.153 — TRANSFER OF INDEBTEDNESS DURING CERTAIN PERIOD

BC § 601.153Title 12. RIGHTS AND DUTIES OF CONSUMERS AND MERCHANTS · Ch. 601. CANCELLATION OF CERTAIN CONSUMER TRANSACTIONS · Art. D. PROHIBITED ACTS AND CONDUCT BY MERCHANT

Statute text

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A merchant may not negotiate, transfer, sell, or assign a note or other evidence of indebtedness to a finance company or other third party before midnight of the fifth business day after the date the contract pertaining to a consumer transaction was signed or the goods or services were purchased.

Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.