reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter C. Insurance › Section 348.213. Adding to Retail Installment Contract Premiums for Insurance Acquired After Transaction

Sec. 348.213.  ADDING TO RETAIL INSTALLMENT CONTRACT PREMIUMS FOR INSURANCE ACQUIRED AFTER TRANSACTION.  (a)  A retail buyer and holder may agree to add to the unpaid balance of a retail installment contract premiums for insurance policies obtained after the date of the retail installment transaction covering the motor vehicle, the use of the motor vehicle, or goods or services related to the motor vehicle, including premiums for the renewal of a policy included in the contract.
(b)  A policy of insurance described by Subsection (a) must comply with the applicable requirements of Sections 348.201, 348.203, 348.208, and 348.209.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 238 (S.B. 1965), Sec. 11, eff. September 1, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 15, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter C. Insurance › Section 348.214. Effect of Adding Premium to Contract

Sec. 348.214.  EFFECT OF ADDING PREMIUM TO CONTRACT.  If a premium is added to the unpaid balance of a retail installment contract under Section 348.207 or 348.213, the rate applicable to the time price differential agreed to in the retail installment contract remains in effect and shall be applied to the new unpaid balance, or the contract may be rescheduled in accordance with Sections 348.113-348.117 without reclassifying the motor vehicle by its year model at the time of the amendment.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter C. Insurance › Section 348.215. Financing Entity May Not Require Insurance From Particular Source

Sec. 348.215.  FINANCING ENTITY MAY NOT REQUIRE INSURANCE FROM PARTICULAR SOURCE.  If a retail installment contract presented to a financing entity for acceptance includes any insurance coverage, the financing entity may not directly or indirectly require, as a condition of its agreement to finance the motor vehicle, that the retail buyer purchase the insurance coverage from a particular source.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter D. Acquisition of Contract or Balance › Section 348.301. Authority to Acquire

Sec. 348.301.  AUTHORITY TO ACQUIRE.  A person may acquire a retail installment contract or an outstanding balance under a contract from another person on the terms, including the price, to which they agree.  Notwithstanding any other applicable law of this state, no person acquiring or assigning a retail installment contract, or any balance under a contract, has any duty to disclose to any other person the terms on which a contract or balance under a contract is acquired, including any discount or difference between the rates, charges, or balance under the contract and the rates, charges, or balance acquired.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 909, Sec. 2.20, eff. June 18, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter D. Acquisition of Contract or Balance › Section 348.302. Lack of Notice Does Not Affect Validity as to Certain Creditors

Sec. 348.302.  LACK OF NOTICE DOES NOT AFFECT VALIDITY AS TO CERTAIN CREDITORS.  Notice to a retail buyer of an assignment or negotiation of a retail installment contract or an outstanding balance under the contract or a requirement that the retail seller be deprived of dominion over payments on a retail installment contract or over the motor vehicle if returned to or repossessed by the retail seller is not necessary for a written assignment or negotiation of the contract or balance to be valid as against a creditor, subsequent purchaser, pledgee, mortgagee, or lien claimant of the retail seller.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter D. Acquisition of Contract or Balance › Section 348.303. Payment by Buyer

Sec. 348.303.  PAYMENT BY BUYER.  Unless a retail buyer has notice of the assignment or negotiation of the buyer's retail installment contract or an outstanding balance under the contract, a payment by the buyer to the most recent holder known to the buyer is binding on all subsequent holders.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.403. Seller's Promise to Pay or Tender of Cash to Buyer as Part of Transaction

Sec. 348.403.  SELLER'S PROMISE TO PAY OR TENDER OF CASH TO BUYER AS PART OF TRANSACTION.  A retail seller may not promise to pay, pay, or otherwise tender cash to a retail buyer as a part of a transaction under this chapter unless specifically authorized by this chapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.404. Seller's Action for Incentive Program or to Pay for Buyer's Motor Vehicle

Sec. 348.404.  SELLER'S ACTION FOR INCENTIVE PROGRAM OR TO PAY FOR BUYER'S MOTOR VEHICLE.  (a)  A retail seller may pay, promise to pay, or tender cash or another thing of value to the manufacturer, distributor, or retail buyer of the product if the payment, promise, or tender is made in order to participate in a financial incentive program offered by the manufacturer or distributor of the vehicle to the buyer.
(b)  A retail seller, in connection with a retail installment transaction, may:
(1)  advance money to retire:
(A)  an amount owed against a motor vehicle used as a trade-in or a motor vehicle owned by the buyer that has been declared a total loss by the buyer's insurer; or
(B)  the retail buyer's outstanding obligation under a motor vehicle lease contract, a credit transaction for the purchase of a motor vehicle, or another retail installment transaction; and
(2)  finance repayment of that money in a retail installment contract.
(c)  A retail seller may pay in cash to the retail buyer any portion of the net cash value of a motor vehicle owned by the buyer and used as a trade-in in a transaction involving the sale of another motor vehicle.  In this subsection, "net cash value" means the cash value of a motor vehicle after payment of all amounts secured by the motor vehicle.
(d)  A retail seller may include money advanced under Subsection (b) in the retail installment contract only if it is included as an itemized charge and may disclose money advanced under Subsection (b) in any manner permitted by Regulation Z (12 C.F.R. Parts 226 and 1026) adopted under the Truth in Lending Act (15 U.S.C. Section 1601 et seq.).  Section 349.003 does not apply to this subsection.  This subsection does not create a private right of action.  The commissioner has exclusive jurisdiction to enforce this subsection.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 1042, Sec. 1, eff. Aug. 30, 1999.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 6, eff. September 1, 2009.
Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371), Sec. 20, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.405. Statement of Payments and Amount Due Under Contract

Sec. 348.405.  STATEMENT OF PAYMENTS AND AMOUNT DUE UNDER CONTRACT.  (a)  On written request of a retail buyer, the holder of a retail installment contract shall give or send to the buyer a written statement of the dates and amounts of payments and the total amount unpaid under the contract.
(b)  A retail buyer is entitled to one statement during a six-month period without charge.  The charge for each additional requested statement may not exceed $1.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.406. Receipt for Cash Payment

Sec. 348.406.  RECEIPT FOR CASH PAYMENT.  A holder of a retail installment contract shall give the retail buyer a written receipt for each cash payment.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.407. Retention or Disposition of Nonattached Personal Property

Sec. 348.407.  RETENTION OR DISPOSITION OF NONATTACHED PERSONAL PROPERTY.  (a)  If a retail installment contract authorizes the holder or a person acting on the holder's behalf to retain or dispose of tangible personal property acquired in the repossession of a motor vehicle that is not attached to the vehicle and not subject to a security interest, the contract or another writing must require the holder to send written notice of the acquisition of the property to the retail buyer in accordance with this section.
(b)  The notice must be mailed or delivered to the most recent address of the retail buyer shown on the records of the holder not later than the 15th day after the date on which the holder discovers the property.
(c)  The notice must:
(1)  state that the retail buyer may identify and claim the property at a reasonable time before the 31st day after the date on which the notice was mailed or delivered;  and
(2)  give the location at which and reasonable times during the period that the retail buyer may identify and claim the property.
(d)  If the property is not claimed before the date described by Subsection (c)(1), the holder may:
(1)  retain the property subject to any legal rights of the retail buyer;  or
(2)  dispose of the property in a reasonable manner and distribute any proceeds of the disposition according to applicable law.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.408. Outstanding Balance Information; Payment in Full

Sec. 348.408.  OUTSTANDING BALANCE INFORMATION;  PAYMENT IN FULL.  (a)  The holder of a retail installment contract who gives the retail buyer or the buyer's designee outstanding balance information relating to the contract is bound by that information and shall honor that information for a reasonable time.
(b)  If the retail buyer or the buyer's designee tenders to the holder as payment in full an amount derived from that outstanding balance information, the holder shall:
(1)  accept the amount as payment in full;  and
(2)  release the holder's lien against the motor vehicle within a reasonable time not later than the 10th day after the date on which the amount is tendered.
(c)  A retail seller must pay in full the outstanding balance of a vehicle traded in not later than the 25th day after the date that:
(1)  the retail installment contract is signed by the retail buyer and the retail buyer receives delivery of the motor vehicle; and
(2)  the retail seller receives delivery of the motor vehicle traded in and the necessary and appropriate documents to transfer title from the buyer.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 7, eff. September 1, 2009.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.409. Liability Relating to Outstanding Balance Information

Sec. 348.409.  LIABILITY RELATING TO OUTSTANDING BALANCE INFORMATION.  A holder who violates Section 348.408 is liable to the retail buyer or the buyer's designee in an amount computed by adding:
(1)  three times the difference between the amount tendered and the amount sought by the holder at the time of tender;
(2)  interest;
(3)  reasonable attorney's fees;  and
(4)  costs.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.410. Prohibition on Power of Attorney to Confess Judgment or Assignment of Wages

Sec. 348.410.  PROHIBITION ON POWER OF ATTORNEY TO CONFESS JUDGMENT OR ASSIGNMENT OF WAGES.  A retail installment contract may not contain:
(1)  a power of attorney to confess judgment in this state;  or
(2)  an assignment of wages.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.411. Prohibition on Certain Acts of Repossession

Sec. 348.411.  PROHIBITION ON CERTAIN ACTS OF REPOSSESSION.  A retail installment contract may not:
(1)  authorize the holder or a person acting on the holder's behalf to:
(A)  enter the retail buyer's premises in violation of Chapter 9, Business & Commerce Code;  or
(B)  commit a breach of the peace in the repossession of the motor vehicle;  or
(2)  contain, or provide for the execution of, a power of attorney by the retail buyer appointing, as the buyer's agent in the repossession of the vehicle, the holder or a person acting on the holder's behalf.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.412. Buyer's Waiver

Sec. 348.412.  BUYER'S WAIVER.  (a)  A retail installment contract may not:
(1)  provide for a waiver of the retail buyer's rights of action against the holder or a person acting on the holder's behalf for an illegal act committed in:
(A)  the collection of payments under the contract;  or
(B)  the repossession of the motor vehicle;  or
(2)  provide that the retail buyer agrees not to assert against the holder a claim or defense arising out of the sale.
(b)  An act or agreement of the retail buyer before or at the time of the making of a retail installment contract or a purchase under the contract does not waive any provision of this chapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.413. Transfer of Equity

Sec. 348.413.  TRANSFER OF EQUITY.  (a)  With the written consent of the holder, a retail buyer may transfer at any time the buyer's equity in the motor vehicle subject to the retail installment contract to another person.
(b)  The holder may charge for the transfer of equity an amount that does not exceed  $25.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 16, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter E. Holder's Rights, Duties, and Limitations › Section 348.414. Automobile Club Membership Offered in Connection With Retail Installment Contract

Sec. 348.414.  AUTOMOBILE CLUB MEMBERSHIP OFFERED IN CONNECTION WITH RETAIL INSTALLMENT CONTRACT.  (a)  A retail seller may, at the time a retail installment contract is executed, offer to sell to the retail buyer an automobile club membership.
(b)  The retail seller shall give the retail buyer written notice at the time the retail installment contract is executed that the retail buyer:
(1)  is not required to purchase the membership as a condition for approval of the contract; and
(2)  is entitled to cancel the membership and receive a full refund of the purchase price of the membership before the 31st day after the date the contract is executed.
(c)  The retail seller shall notify the retail buyer if the membership includes services that are provided by the manufacturer as part of the motor vehicle purchase.
(d)  The amount charged for a membership as authorized by Subsection (a) must be reasonable.
Added by Acts 2013, 83rd Leg., R.S., Ch. 355 (H.B. 2462), Sec. 2, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.501. License Required

Sec. 348.501.  LICENSE REQUIRED.  (a)  A person may not act as a holder under this chapter unless the person:
(1)  is an authorized lender or a credit union;  or
(2)  holds a license issued under this chapter.
(b)  A person who is required to hold a license under this chapter must ensure that each office at which retail installment transactions are made, serviced, held, or collected under this chapter is licensed or otherwise authorized to make, service, hold, or collect retail installment transactions in accordance with this chapter and rules implementing this chapter.
(c)  A license holder under this chapter who engages in the sale of a motor vehicle to be used as a principal dwelling must meet the surety bond or recovery fund fee requirements, as applicable, of the holder's residential mortgage loan originator under Section 180.058.
(d)  A person may not use any device, subterfuge, or pretense to evade the application of this section.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 8, eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 15, eff. June 19, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 91 (S.B. 1303), Sec. 27.001(13), eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.5015. Residential Mortgage Loan Originator License Required

Sec. 348.5015.  RESIDENTIAL MORTGAGE LOAN ORIGINATOR LICENSE REQUIRED.  (a)  In this section, "Nationwide Mortgage Licensing System and Registry" and "residential mortgage loan originator" have the meanings assigned by Section 180.002.
(b)  Unless exempt under Section 180.003, or acting under the temporary authority described under Section 180.0511, an individual who acts as a residential mortgage loan originator in the sale of a motor vehicle to be used as a principal dwelling must:
(1)  be licensed to engage in that activity under this chapter;
(2)  be enrolled with the Nationwide Mortgage Licensing System and Registry as required by Section 180.052; and
(3)  comply with other applicable requirements of Chapter 180 and rules adopted under that chapter.
(c)  Subject to Section 14.112, the finance commission shall adopt rules establishing procedures for applying for issuing, renewing, and enforcing a license under this section. In adopting rules under this subsection, the finance commission shall ensure that:
(1)  the minimum eligibility requirements for issuance of a license are the same as the requirements of Section 180.055;
(2)  the minimum eligibility requirements for renewal of a license are the same as the requirements of Section 180.059; and
(3)  the applicant pays:
(A)  an investigation fee in a reasonable amount determined by the commissioner; and
(B)  a license fee in an amount determined as provided by Section 14.107.
(d)  The finance commission may adopt rules under this chapter as required to carry out the intentions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Pub. L. No. 110-289).
Added by Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 16, eff. June 19, 2009.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 695 (S.B. 2330), Sec. 6, eff. November 24, 2019.
Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 34, eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.502. Application Requirements

Sec. 348.502.  APPLICATION REQUIREMENTS.  (a)  The application for a license under this chapter must:
(1)  be under oath;
(2)  identify the applicant's principal parties in interest;  and
(3)  contain other relevant information that the commissioner requires.
(b)  On the filing of a license application, the applicant shall pay to the commissioner:
(1)  an investigation fee not to exceed $200; and
(2)  a license fee in an amount determined as provided by Section 14.107.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 35, eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.503. Investigation of Application

Sec. 348.503.  INVESTIGATION OF APPLICATION.  On the filing of an application and payment of the required fees, the commissioner shall conduct an investigation to determine whether to issue the license.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.504. Approval or Denial of Application

Sec. 348.504.  APPROVAL OR DENIAL OF APPLICATION.  (a)  The commissioner shall approve the application and issue to the applicant a license under this chapter if the commissioner finds that:
(1)  the financial responsibility, experience, character, and general fitness of the applicant are sufficient to:
(A)  command the confidence of the public;  and
(B)  warrant the belief that the business will be operated lawfully and fairly, within the purposes of this chapter;  and
(2)  the forms and contracts to be used by the applicant are appropriate and adequate to protect the interests of retail buyers.
(b)  If the commissioner does not find the eligibility requirements of Subsection (a), the commissioner shall notify the applicant.
(c)  If an applicant requests a hearing on the application not later than the 30th day after the date of notification under Subsection (b), the applicant is entitled to a hearing not later than the 60th day after the date of the request.
(d)  The commissioner shall approve or deny the application not later than the 60th day after the date of the filing of a completed application with payment of the required fees, or if a hearing is held, after the date of the completion of the hearing on the application.  The commissioner and the applicant may agree to a later date in writing.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.505. Disposition of Fees on Denial of Application

Sec. 348.505.  DISPOSITION OF FEES ON DENIAL OF APPLICATION.  If the commissioner denies the application, the commissioner shall retain the investigation fee and shall return to the applicant the license fee submitted with the application.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.5055. License Term

Sec. 348.5055.  LICENSE TERM.  A license issued under this chapter is valid for the period prescribed by finance commission rule adopted under Section 14.112.
Added by Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 36, eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.506. License Fee

Sec. 348.506.  LICENSE FEE.  Not later than the 30th day before the date the license expires, a license holder shall pay to the commissioner for each license held a fee in an amount determined as provided by Section 14.107.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 37, eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.5065. Grounds for Refusal to Renew

Sec. 348.5065.  GROUNDS FOR REFUSAL TO RENEW.  The commissioner may refuse to renew the license of a person who fails to comply with an order issued by the commissioner to enforce this chapter.
Added by Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 38, eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.507. Expiration of License on Failure to Pay Fee

Sec. 348.507.  EXPIRATION OF LICENSE ON FAILURE TO PAY FEE.  If the fee for a license is not paid before the 16th day after the date on which the written notice of delinquency of payment has been given to the license holder, the license expires on that day.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 39, eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.508. License Suspension or Revocation

Sec. 348.508.  LICENSE SUSPENSION OR REVOCATION.  After notice and opportunity for a hearing, the commissioner may suspend or revoke a license if the commissioner finds that:
(1)  the license holder failed to pay the license fee, an examination fee, an investigation fee, or another charge imposed by the commissioner;
(2)  the license holder, knowingly or without the exercise of due care, violated this chapter or a rule adopted or order issued under this chapter; or
(3)  a fact or condition exists that, if it had existed or had been known to exist at the time of the original application for the license, clearly would have justified the commissioner's denial of the application.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 40, eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.509. Reinstatement of Suspended License; Issuance of New License After Revocation

Sec. 348.509.  REINSTATEMENT OF SUSPENDED LICENSE;  ISSUANCE OF NEW LICENSE AFTER REVOCATION.  The commissioner may reinstate a suspended license or issue a new license on application to a person whose license has been revoked if at the time of the reinstatement or issuance no fact or condition exists that clearly would have justified the commissioner's denial of an original application for the license.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.510. Surrender of License

Sec. 348.510.  SURRENDER OF LICENSE.  A license holder may surrender a license issued under this chapter by complying with the commissioner's written instructions relating to license surrender.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 159 (S.B. 1371), Sec. 21, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.511. Effect of License Suspension, Revocation, or Surrender

Sec. 348.511.  EFFECT OF LICENSE SUSPENSION, REVOCATION, OR SURRENDER.  (a)  The suspension, revocation, or surrender of a license issued under this chapter does not affect the obligation of a contract between the license holder and a retail buyer entered into before the suspension, revocation, or surrender.
(b)  Surrender of a license does not affect the license holder's civil or criminal liability for an act committed before surrender.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.512. Transfer or Assignment of License

Sec. 348.512.  TRANSFER OR ASSIGNMENT OF LICENSE.  A license may be transferred or assigned only with the approval of the commissioner.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.513. Adoption of Rules

Sec. 348.513.  ADOPTION OF RULES.  (a)  The finance commission may adopt rules to:
(1)  enforce this chapter; or
(2)  modify the standard form as required by Section 348.0091 to:
(A)  conform to the provisions of the Truth in Lending Act (15 U.S.C. Section 1601 et seq.) or a regulation issued under authority of that Act;
(B)  address any official commentary or other interpretation by a federal agency relating to the Truth in Lending Act (15 U.S.C. Section 1601 et seq.) or a regulation issued under authority of that Act; or
(C)  address a judicial interpretation by a state or federal court relating to the Truth in Lending Act (15 U.S.C. Section 1601 et seq.) or a regulation issued under authority of that Act.
(b)  The commissioner shall recommend proposed rules to the finance commission.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 9, eff. September 1, 2009.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.514. Examination; Access to Records

Sec. 348.514.  EXAMINATION;  ACCESS TO RECORDS.  (a)  At the times the commissioner considers necessary, the commissioner or the commissioner's representative shall:
(1)  examine each place of business of each license holder;  and
(2)  investigate the license holder's transactions and records, including books, accounts, papers, and correspondence, to the extent the transactions and records pertain to the business regulated under this chapter.
(b)  The license holder shall:
(1)  give the commissioner or the commissioner's representative free access to the license holder's office, place of business, files, safes, and vaults;  and
(2)  allow the commissioner or the commissioner's representative to make a copy of an item that may be investigated under Subsection (a)(2).
(c)  During an examination or investigation the commissioner or the commissioner's representative may administer oaths and examine any person under oath on any subject pertinent to a matter that the commissioner is authorized or required to consider, investigate, or secure information about under this chapter.
(d)  All information relating to the examination or investigation process is confidential, including:
(1)  information obtained from the license holder;
(2)  the examination report;
(3)  instructions and attachments; and
(4)  correspondence between the license holder and the commissioner or the commissioner's representative relating to an examination or investigation of the license holder.
(e)  A license holder's violation of Subsection (b) is a ground for the suspension or revocation of the license.
(f)  An examination of a license holder's place of business may be made only:
(1)  after advance notice;  and
(2)  during normal business hours.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 10, eff. September 1, 2009.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.515. General Investigation

Sec. 348.515.  GENERAL INVESTIGATION.  To discover a violation of this chapter or to obtain information required under this chapter, the commissioner or the commissioner's representative may investigate the records, including books, accounts, papers, and correspondence, of a person, including a license holder, who the commissioner has reasonable cause to believe is violating this chapter, regardless of whether the person claims to not be subject to this chapter.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.516. Payment of Examination Costs and Administration Expenses

Sec. 348.516.  PAYMENT OF EXAMINATION COSTS AND ADMINISTRATION EXPENSES.  A license holder shall pay to the commissioner an amount determined as provided by Section 14.107 and assessed by the commissioner to cover the direct and indirect costs of an examination and a proportionate share of general administrative expenses.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.517. License Holder's Records; Document Retention Requirements

Sec. 348.517.  LICENSE HOLDER'S RECORDS; DOCUMENT RETENTION REQUIREMENTS.  (a)  A license holder shall maintain a record of each retail installment transaction made under this chapter as is necessary to enable the commissioner to determine whether the license holder is complying with this chapter.
(b)  A license holder shall keep the record until the later of:
(1)  the fourth anniversary of the date of the retail installment transaction; or
(2)  the second anniversary of the date on which the final entry is made in the record.
(c)  A record described by Subsection (a) must be prepared in accordance with accepted accounting practices.
(d)  The commissioner shall accept a license holder's system of records if the system discloses the information reasonably required under Subsection (a).
(e)  A license holder shall keep each obligation signed by a retail buyer at an office in this state designated by the license holder unless the obligation is transferred under an agreement that gives the commissioner access to the obligation.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 11, eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 676 (H.B. 2438), Sec. 12, eff. September 1, 2009.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 348 - Motor Vehicle Installment Sales › Subchapter F. Licensing; Administration of Chapter › Section 348.518. Sharing of Information

Sec. 348.518.  SHARING OF INFORMATION.  To ensure consistent enforcement of law and minimization of regulatory burdens, the commissioner and the Texas Department of Motor Vehicles may share information, including criminal history information, relating to a person licensed under this chapter.  Information otherwise confidential remains confidential after it is shared under this section.
Added by Acts 2001, 77th Leg., ch. 1235, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 933 (H.B. 3097), Sec. 3D.03, eff. September 1, 2009.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 349 - Penalties and Liabilities › Subchapter A. Civil Penalties › Section 349.001. Liability for Contracting For, Charging, or Receiving Excessive Amount

Sec. 349.001.  LIABILITY FOR CONTRACTING FOR, CHARGING, OR RECEIVING EXCESSIVE AMOUNT.  (a)  A person who violates this subtitle by contracting for, charging, or receiving interest or time price differential greater than the amount authorized by this subtitle is liable to the obligor for an amount equal to:
(1)  twice the amount of the interest or time price differential contracted for, charged, or received;  and
(2)  reasonable attorney's fees set by the court.
(b)  A person who violates this subtitle by contracting for, charging, or receiving a charge, other than interest or time price differential, greater than the amount authorized by this subtitle is liable to the obligor for an amount equal to:
(1)  the greater of:
(A)  three times the amount computed by subtracting the amount of the charge authorized by this subtitle from the amount of the charge contracted for, charged, or received;  or
(B)  $2,000 or 20 percent of the amount of the principal balance, whichever is less;  and
(2)  reasonable attorney's fees set by the court.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.24(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 349 - Penalties and Liabilities › Subchapter A. Civil Penalties › Section 349.002. Liability for Charges Exceeding Twice Amount Authorized

Sec. 349.002.  LIABILITY FOR CHARGES EXCEEDING TWICE AMOUNT AUTHORIZED.  (a)  A person who violates this subtitle by contracting for, charging, or receiving interest or time price differential that in an aggregate amount exceeds twice the total amount of interest or time price differential authorized by this subtitle is liable to the obligor as an additional penalty for all principal or principal balance, as well as all interest or time price differential.
(b)  A person who is liable under Subsection (a) is also liable for reasonable attorney's fees incurred by the obligor in enforcing this section.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.25(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 349 - Penalties and Liabilities › Subchapter A. Civil Penalties › Section 349.003. Liability for Failure to Perform or for Performance of Prohibited Act

Sec. 349.003.  LIABILITY FOR FAILURE TO PERFORM OR FOR PERFORMANCE OF PROHIBITED ACT.  (a)  Except as provided by this subtitle, a person who fails to perform a requirement specifically imposed on the person by this subtitle or who commits an act prohibited by this subtitle is liable to the obligor for an amount that does not exceed an amount computed under one, but not both, of the following:
(1)  three times the actual economic loss to the obligor that results from the violation;  or
(2)  if the violation was material and the violation induced the obligor to enter into a transaction that the obligor would not have entered if the violation had not occurred, twice the interest or time price differential contracted for, charged, or received, not to exceed:
(A)  $2,000 in a transaction in which the amount financed does not exceed $5,000;  or
(B)  $4,000 in a transaction in which the amount financed exceeds $5,000.
(b)  A person who is liable under Subsection (a) is also liable for reasonable attorney's fees set by the court.
(c)  In a judicial proceeding under Subsection (a)(2), the court determines whether the violation is material and the finder of fact determines whether the violation induced the obligor to enter into the transaction.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 349 - Penalties and Liabilities › Subchapter A. Civil Penalties › Section 349.004. Liability Related to Criminal Offense

Sec. 349.004.  LIABILITY RELATED TO CRIMINAL OFFENSE.  In addition to other applicable penalties, a person who commits an offense under Section 349.502 is liable to the obligor for an amount equal to:
(1)  the principal of and all charges contracted for or collected on each loan made without the authority required by Chapter 342 or 346;  and
(2)  reasonable attorney's fees incurred by the obligor.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.56, eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 349 - Penalties and Liabilities › Subchapter A. Civil Penalties › Section 349.005. Liability for Violating Injunction

Sec. 349.005.  LIABILITY FOR VIOLATING INJUNCTION.  (a)  A person who violates an injunction issued under this subtitle is liable to this state for a civil penalty that does not exceed $1,000 for each violation.
(b)  For purposes of this section, a district court that issues an injunction under this subtitle shall retain jurisdiction, and the cause shall be continued.
(c)  The attorney general may petition the court for recovery of the civil penalty prescribed by this section.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 349 - Penalties and Liabilities › Subchapter B. General Limitations on Liability › Section 349.101. No Liability if Violation Unintentional and From Bona Fide Error or if in Conformity With Other Law

Sec. 349.101.  NO LIABILITY IF VIOLATION UNINTENTIONAL AND FROM BONA FIDE ERROR OR IF IN CONFORMITY WITH OTHER LAW.  (a)  A person is not liable under Section 349.001, 349.002, or 349.003 if the person shows by a preponderance of evidence that:
(1)  the violation:
(A)  was not intentional;  and
(B)  resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adopted to avoid such a violation;  or
(2)  the violation was an act done or omitted in good faith in conformity with:
(A)  a rule adopted under, or interpretation of, this title by a state agency, board, or commission;
(B)  the Consumer Credit Protection Act (15 U.S.C. Section 1601 et seq.);  or
(C)  a rule or regulation adopted under, or interpretation of, the Consumer Credit Protection Act (15 U.S.C. Section 1601 et seq.) by an agency, board, or commission of the United States.
(b)  The exception from liability provided by Subsection (a)(2) is not affected by the fact that after the act or omission occurs, the rule, regulation, or interpretation in conformity with which the act was done or omitted is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 349 - Penalties and Liabilities › Subchapter B. General Limitations on Liability › Section 349.102. Liability for Multiple Violations in One Transaction

Sec. 349.102.  LIABILITY FOR MULTIPLE VIOLATIONS IN ONE TRANSACTION.  (a)  A person who would be liable under Sections 349.001 and 349.003 as a result of the same transaction is liable only for the penalties provided by Section 349.001.
(b)  An obligor is entitled to only one recovery for multiple violations of this subtitle that occur in the same transaction.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.