Texas Finance Code
§ 397.005 — DEBT CANCELLATION AGREEMENTS EXCLUSION LANGUAGE
FI § 397.005Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 397. DEBT CANCELLATION AGREEMENTS FOR CERTAIN VEHICLE LEASES
Statute text
View on source(a)In addition to the provisions required by Section 397.006, a debt cancellation agreement must fully disclose all provisions permitting the exclusion of loss or damage including, if applicable:
(1)an act occurring after the original maturity date or date of the holder's acceleration of the lease;
(2)any dishonest, fraudulent, illegal, or intentional act of any authorized driver that directly results in the total loss of the covered vehicle;
(3)any act of gross negligence by an authorized driver that directly results in the total loss of the covered vehicle;
(4)conversion, embezzlement, or concealment by any person in lawful possession of the covered vehicle;
(5)lawful confiscation by an authorized public official;
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Legislative history
Added by Acts 2017, 85th Leg., R.S., Ch. 183 (S.B. 1052), Sec. 7, eff. September 1, 2017.