Texas § 347.003 BAILMENT OR LEASE AS CREDIT TRANSACTION.

Texas Statutes

§ 347.003 — BAILMENT OR LEASE AS CREDIT TRANSACTION.

Texas § 347.003

Code FIFinance Code

This text of Texas § 347.003 (BAILMENT OR LEASE AS CREDIT TRANSACTION.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Finance Code Code Ann. § 347.003 (2026).

Text

Sec. 347.003. BAILMENT OR LEASE AS CREDIT TRANSACTION.

(a)A bailment or lease of a manufactured home is a credit transaction if the bailee or lessee:

(1)agrees to pay as compensation for use of the manufactured home an amount that is substantially equal to or that exceeds the aggregate value of the property and services involved; and

(2)on compliance with the agreement becomes the owner of the manufactured home or has the option to become the owner of the manufactured home, for nominal or no additional consideration.

(b)A bailment or lease that the bailee or lessee may terminate at any time without penalty is not a credit transaction.

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Sec. 347.003. BAILMENT OR LEASE AS CREDIT TRANSACTION. (a) A bailment or lease of a manufactured home is a credit transaction if the bailee or lessee:
(1) agrees to pay as compensation for use of the manufactured home an amount that is substantially equal to or that exceeds the aggregate value of the property and services involved; and
(2) on compliance with the agreement becomes the owner of the manufactured home or has the option to become the owner of the manufactured home, for nominal or no additional consideration.
(b) A bailment or lease that the bailee or lessee may terminate at any time without penalty is not a credit transaction.