Texas Finance Code

§ 306.001 — DEFINITIONS

FI § 306.001Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part A. INTEREST · Ch. 306. COMMERCIAL TRANSACTIONS · Art. A. GENERAL PROVISIONS

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In this chapter:

(1)"Account purchase transaction" means an agreement under which a person engaged in a commercial enterprise sells accounts, instruments, documents, or chattel paper subject to this subtitle at a discount, regardless of whether the person has a repurchase obligation related to the transaction.

(2)"Affiliate of an obligor" means a person who directly or indirectly, or through one or more intermediaries or other entities, owns an interest in, controls, is controlled by, or is under common control with the obligor, or a person in which the obligor directly or indirectly, or through one or more intermediaries or other entities, owns an interest. In this subdivision "control" means the possession, directly or indirectly, or with one or more other persons, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise.

(3)"Asset-backed securities" means debt obligations or certificates of beneficial ownership that:

(A)are a part of a single issue or single series of securities in an aggregate of $1 million or more and issuable in one or more classes;

(B)are secured by a pledge of, or represent an undivided ownership interest in:

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Legislative history

Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.08, eff. September 1, 2005. Acts 2009, 81st Leg., R.S., Ch. 933 (H.B. 3097), Sec. 3D.01, eff. September 1, 2009. Acts 2021, 87th Leg., R.S., Ch. 276 (H.B. 3514), Sec. 1, eff. September 1, 2021.