Texas § 353.003 BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION.

Texas Statutes

§ 353.003 — BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION.

Texas § 353.003

Code FIFinance Code

This text of Texas § 353.003 (BAILMENT OR LEASE AS RETAIL INSTALLMENT 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. § 353.003 (2026).

Text

Sec. 353.003. BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION.

(a)A bailment or lease of a commercial vehicle is a retail installment transaction if the bailee or lessee:

(1)contracts to pay as compensation for use of the vehicle an amount that is substantially equal to or exceeds the value of the vehicle; and

(2)on full compliance with the bailment or lease is bound to become the owner or, for no or nominal additional consideration, has the option to become the owner of the vehicle.

(b)An agreement for the lease of a commercial vehicle does not create a retail installment transaction by merely providing that the rental price is permitted or required to be adjusted under the agreement as determined by the amount realized on the sale or other disposition of the vehicle, as provided

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Sec. 353.003. BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION. (a) A bailment or lease of a commercial vehicle is a retail installment transaction if the bailee or lessee:
(1) contracts to pay as compensation for use of the vehicle an amount that is substantially equal to or exceeds the value of the vehicle; and
(2) on full compliance with the bailment or lease is bound to become the owner or, for no or nominal additional consideration, has the option to become the owner of the vehicle.
(b) An agreement for the lease of a commercial vehicle does not create a retail installment transaction by merely providing that the rental price is permitted or required to be adjusted under the agreement as determined by the amount realized on the sale or other disposition of the vehicle, as provided by Section 501.112 , Transportation Code.