§ 339.003 — SALE OF OPEN-END ACCOUNT WITHOUT MERCHANT DISCOUNT.

Texas § 339.003

• Jurisdiction: Texas
• Code FI: Finance Code

Text

Sec. 339.003. SALE OF OPEN-END ACCOUNT WITHOUT MERCHANT DISCOUNT. A seller or lessor may sell an open-end account credit agreement described by Section 339.002 (a) or any balance under that agreement to a purchaser who purchases a substantial part of the seller's or lessor's open-end account credit agreements or balances under those agreements in accordance with Subchapter G , Chapter 345 . A charge, fee, or discount on that sale:
(1) is not a merchant discount;
(2) does not disqualify the open-end account credit agreement or a balance under that agreement from being subject to Chapter 303 or from coverage under this section; and
(3) does not subject the account to the limitations provided by Section 303.006 (c).

Legislative History

Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.