Texas Finance Code

§ 347.256 — CREDITOR'S ACTION ON CONSUMER'S FAILURE TO PAY TAXES

FI § 347.256Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 347. MANUFACTURED HOME CREDIT TRANSACTIONS · Art. F. PAYMENT OF INSURANCE AND TAXES

Statute text

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(a)If a consumer does not pay a tax that has been assessed against the manufactured home, the creditor may treat the failure as a default or may:

(1)pay to the appropriate taxing authority the unpaid tax and any interest or other charge due; and

(2)add to the unpaid balance of the credit transaction the amounts paid to the taxing authority and interest, at the interest rate or time price differential applicable to the transaction on the date payment is made.

(b)If the creditor pays a tax under this section, the creditor shall notify the consumer that:

(1)the tax and interest or other charges have been paid, as appropriate; and

(2)those amounts have been added to the unpaid balance of the credit transaction.

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Legislative history

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