Texas Finance Code
§ 397.007 — ADDITIONAL REQUIREMENTS FOR DEBT CANCELLATION AGREEMENTS
FI § 397.007Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 397. DEBT CANCELLATION AGREEMENTS FOR CERTAIN VEHICLE LEASES
Statute text
View on source(a)If a lessee purchases a debt cancellation agreement, the lessor must provide to the lessee a true and correct copy of the agreement not later than the 10th day after the date of the lease.
(b)A holder must comply with the terms of a debt cancellation agreement not later than the 60th day after the date of receipt of all necessary information required by the holder or administrator of the agreement to process the request.
(c)A debt cancellation agreement may not knowingly be offered by a lessor if:
(1)the lease is already protected by gap insurance; or
(2)the purchase of the debt cancellation agreement is required for the lessee to obtain the lease.
(d)This section does not apply to a debt cancellation agreement offered in connection with the lease of a commercial 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.