Texas Finance Code

§ 348.412 — BUYER'S WAIVER

FI § 348.412Title 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)A retail installment contract may not:

(1)provide for a waiver of the retail buyer's rights of action against the holder or a person acting on the holder's behalf for an illegal act committed in:

(A)the collection of payments under the contract; or

(B)the repossession of the motor vehicle; or

(2)provide that the retail buyer agrees not to assert against the holder a claim or defense arising out of the sale.

(b)An act or agreement of the retail buyer before or at the time of the making of a retail installment contract or a purchase under the contract does not waive any provision of this chapter.

Legislative history

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