Texas Finance Code

§ 347.504 — CREDITOR'S LIABILITY FOR ORAL OR UNSOLICITED WRITTEN STATEMENT OF AMOUNT OWED

FI § 347.504Title 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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On a credit transaction a creditor is not liable for an oral statement of an amount owed or for a written statement of an amount owed that is not solicited by a debtor unless the statement:

(1)is made with a demand by a creditor that the consumer pay an amount that exceeds the amount authorized by this subtitle; or

(2)is contained in a solicitation to renew or refinance existing debt.

Legislative history

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