Texas Finance Code

§ 347.501 — CREDITOR'S LIABILITY RELATED TO DEPOSIT

FI § 347.501Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 347. MANUFACTURED HOME CREDIT TRANSACTIONS · Art. K. CREDITOR'S LIABILITY; PENALTIES

Statute text

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A creditor is liable for the penalty provided by Section 349.003 if the creditor:

(1)fails to order the manufactured home or fails to hold the manufactured home in inventory in accordance with the deposit agreement under Section 347.303 or 347.304, respectively; or

(2)retains as a deposit an amount that exceeds the amount authorized by Subchapter H.

Legislative history

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