Texas Finance Code

§ 397.006 — REQUIRED DEBT CANCELLATION AGREEMENT LANGUAGE

FI § 397.006Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 397. DEBT CANCELLATION AGREEMENTS FOR CERTAIN VEHICLE LEASES

Statute text

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A debt cancellation agreement must state:

(1)the contact information of the lessor, the holder, and any administrator of the agreement;

(2)the name and address of the lessee;

(3)the cost and term of the debt cancellation agreement;

(4)the procedure the lessee must follow to obtain benefits under the terms of the debt cancellation agreement, including a telephone number and address where the lessee may provide notice under the debt cancellation agreement;

(5)the period during which the lessee is required to notify the lessor, the holder, or any administrator of the agreement of any potential loss under the debt cancellation agreement for total loss or theft of the covered vehicle;

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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.