Texas Tax Code

§ 152.0472 — DETERMINATION OF WHETHER LOAN IS FACTORED, ASSIGNED, OR TRANSFERRED

TX § 152.0472Title 2. STATE TAXATION · Part E. SALES, EXCISE, AND USE TAXES · Ch. 152. TAXES ON SALE, RENTAL, AND USE OF MOTOR VEHICLES · Art. C. COLLECTION OF TAXES

Statute text

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(a)A seller is not considered to have factored, assigned, or transferred a loan under Section 152.047(g) if:

(1)a loan through a seller is pledged as security for the sale of bonds:

(A)to a qualified institutional buyer, as that term is defined by 17 C.F.R. Section 230.144A, that is not affiliated to the seller;

(B)to an institutional accredited investor, as that term is defined by 17 C.F.R. Section 230.501(a)(1), (2), (3), or (7), that is not affiliated to the seller; or

(C)in a public offering;

(2)the right to receive payments and the risk of loss on nonpayment remains with the seller or an affiliated collection entity acting as agent of the seller; and

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Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 931 (H.B. 3314), Sec. 8, eff. June 15, 2007.