Texas Finance Code

§ 307.001 — DEFINITIONS

FI § 307.001Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part A. INTEREST · Ch. 307. COLLATERAL PROTECTION INSURANCE · Art. A. GENERAL PROVISIONS

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In this chapter:

(1)"Collateral" means property pledged or used to secure payment, repayment, or performance under a credit or lease agreement, including personal property, real property, fixtures, inventory, receivables, rights, or privileges.

(2)"Collateral protection insurance" means insurance coverage described by Section 307.051.

(3)"Credit agreement" means a written document that sets forth the terms of a credit transaction.

(4)"Credit transaction" means a transaction with terms that require the payment of money, goods, services, property, rights, or privileges on a future date and in which the obligation for payment is secured by collateral.

(5)"Creditor" means a person who is a lender of money or a vendor or lessor of goods, services, property, rights, or privileges for which a payment is arranged through a credit transaction and includes any successor to the rights, title, interest, or liens of the lender, vendor, or lessor.

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Legislative history

Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.115, eff. September 1, 2005.