Texas Finance Code

§ 348.0091 — DISCLOSURE OF EQUITY IN TRADE-IN MOTOR VEHICLE

FI § 348.0091Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 348. MOTOR VEHICLE INSTALLMENT SALES · Art. A. GENERAL PROVISIONS

Statute text

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(a)A retail seller may not accept a trade-in motor vehicle for a motor vehicle sold under a retail installment contract unless the retail seller provides to the retail buyer, before the buyer signs the contract, a completed disclosure of trade-in equity form prescribed by this section.

(b)The finance commission shall by rule adopt a standard form for the disclosure of the equity in a retail buyer's trade-in motor vehicle.

(c)The form adopted by the finance commission under Subsection (b), at a minimum, must:

(1)contain:

(A)the name of the retail buyer;

(B)the name, address, and telephone number of the retail seller;

…

Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 3, eff. September 1, 2009.