Texas Finance Code

§ 345.068 — BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION

FI § 345.068Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 345. RETAIL INSTALLMENT SALES · Art. B. RETAIL INSTALLMENT CONTRACT

Statute text

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A bailment or lease is a retail installment transaction if the bailee or lessee:

(1)contracts to pay as compensation for the use of goods an amount that substantially equals or exceeds the value of those goods; and

(2)on full compliance with the bailment or lease is bound to become the owner of the goods or has the option to become the owner of the goods for no or nominal additional consideration.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.