Texas Finance Code

§ 348.408 — OUTSTANDING BALANCE INFORMATION; PAYMENT IN FULL

FI § 348.408Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 348. MOTOR VEHICLE INSTALLMENT SALES · Art. E. HOLDER'S RIGHTS, DUTIES, AND LIMITATIONS

Statute text

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(a)The holder of a retail installment contract who gives the retail buyer or the buyer's designee outstanding balance information relating to the contract is bound by that information and shall honor that information for a reasonable time.

(b)If the retail buyer or the buyer's designee tenders to the holder as payment in full an amount derived from that outstanding balance information, the holder shall:

(1)accept the amount as payment in full; and

(2)release the holder's lien against the motor vehicle within a reasonable time not later than the 10th day after the date on which the amount is tendered.

(c)A retail seller must pay in full the outstanding balance of a vehicle traded in not later than the 25th day after the date that:

(1)the retail installment contract is signed by the retail buyer and the retail buyer receives delivery of the motor vehicle; and

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 7, eff. September 1, 2009.