Texas Finance Code
§ 353.405 — OUTSTANDING BALANCE INFORMATION; PAYMENT IN FULL
FI § 353.405Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 353. COMMERCIAL MOTOR VEHICLE INSTALLMENT SALES · Art. E. HOLDER'S RIGHTS, DUTIES, AND LIMITATIONS
Statute text
View on source(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 commercial 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 to the retail seller as part of the retail installment transaction 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 commercial vehicle; and
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Legislative history
Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.