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 346 - Revolving Credit Accounts › Subchapter A. General Provisions › Section 346.001. Definitions

Sec. 346.001.  DEFINITIONS.  In this chapter:
(1)  "Billing cycle" means the interval between periodic billing statements.
(2)  "Credit card" means a card, confirmation, or identification or check or other written request by which a customer obtains access to a revolving credit account.
(3)  "Creditor" means an authorized lender who directly or through another who honors a credit card issued by the person, extends credit, including money loaned, to a customer under an agreement that provides for the use of a credit card.
(4)  "Customer" means a person who has accepted a revolving credit account.
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 346 - Revolving Credit Accounts › Subchapter A. General Provisions › Section 346.002. Average Daily Balance

Sec. 346.002.  AVERAGE DAILY BALANCE.  (a)  The average daily balance of a revolving credit account is computed by:
(1)  adding all of the ending balances in the account during each day of a billing cycle;  and
(2)  dividing the total under Subdivision (1) by the number of days in the billing cycle.
(b)  For purposes of Subsection (a), a day's ending balance is computed by:
(1)  adding the previous day's ending balance and the amount of each loan, lease of goods, or purchase of goods or services posted to the account on the day for which the ending balance is being computed;  and
(2)  subtracting from the result under Subdivision (1) each credit or payment posted to the account on the day for which the ending balance is being computed.
(c)  A day's ending balance may not include interest.
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 346 - Revolving Credit Accounts › Subchapter A. General Provisions › Section 346.003. Revolving Credit Accounts

Sec. 346.003.  REVOLVING CREDIT ACCOUNTS.  (a)  A revolving credit account is an open-end account:
(1)  that is established by a creditor for a customer under a written agreement between the creditor and the customer;
(2)  that the customer accepts by using the account;  and
(3)  under which:
(A)  the unpaid balance of and interest on the extensions of credit are debited to the account;
(B)  interest is not precomputed but may be computed on the balances of the account outstanding from time to time;
(C)  the customer may defer payment of any part of the balance of the account;  and
(D)  the customer may obtain from the creditor one or more extensions of credit as described by Subsection (b) or (c).
(b)  A revolving loan account is a revolving credit account under which a customer may obtain a loan from a creditor.
(c)  A revolving triparty account is a revolving credit account under which:
(1)  a customer may use a credit card to:
(A)  obtain a loan from a creditor, with the advance made by the creditor or a person participating with the creditor;
(B)  lease goods from a person participating with the creditor;  or
(C)  purchase goods or services from a person participating with the creditor;
(2)  the creditor is obligated to pay the participating person;  and
(3)  the customer is obligated to pay the creditor the amount of the loan or cost of the lease or purchase.
(d)  Interest may be computed on the balance of the account from time to time.
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 346 - Revolving Credit Accounts › Subchapter A. General Provisions › Section 346.004. Application of Chapter to Revolving Credit Accounts

Sec. 346.004.  APPLICATION OF CHAPTER TO REVOLVING CREDIT ACCOUNTS.  (a)  Unless the contract for the account provides otherwise, this chapter applies to a revolving credit account described by Section 346.003 if the loan or extension of credit is extended primarily for personal, family, or household use to a person who is located in this state at the time the loan is made or the extension of credit is entered into.
(b)  Unless the contract for the account provides that this chapter applies, this chapter does not apply to a revolving credit account described by Section 346.003 if the loan or extension of credit is for business, commercial, investment, or similar purposes.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.17, eff. September 1, 2005.
Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 29, 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 346 - Revolving Credit Accounts › Subchapter A. General Provisions › Section 346.005. Application of Other Code Provisions

Sec. 346.005.  APPLICATION OF OTHER CODE PROVISIONS.  (a)  A revolving credit account is subject to Chapters 303 and 349 but is not subject to another chapter of this title unless specifically provided by this chapter.
(b)  A creditor in a revolving credit account under this chapter for personal, family, or household use must hold a license under Chapter 342, unless the person is not required to obtain a license under Section 342.051.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 887, Sec. 1, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 346 - Revolving Credit Accounts › Subchapter B. Interest Charge and Fees › Section 346.101. Maximum Interest Rate

Sec. 346.101.  MAXIMUM INTEREST RATE.  (a)  A revolving credit account may provide for interest on an account at an annual rate that does not exceed the greater of:
(1)  18 percent a year;  or
(2)  the applicable alternative rate ceiling under Chapter 303.
(b)  A revolving credit account may provide for interest computed under a method other than the average daily balance method if the amount of interest computed under that method does not exceed the amount of interest computed under the average daily balance method.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 1348, Sec. 1, eff. Sept. 1, 1999;  Acts 2003, 78th Leg., ch. 887, Sec. 2, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 346 - Revolving Credit Accounts › Subchapter B. Interest Charge and Fees › Section 346.102. Permissible Interest Rate for Billing Cycle

Sec. 346.102.  PERMISSIBLE INTEREST RATE FOR BILLING CYCLE.  (a)  A revolving credit account that provides for equal billing cycles may provide for interest for a billing cycle at the rate equal to one-twelfth of the applicable annual interest rate on the average daily balance of the account during that billing cycle.
(b)  In any 12-month period, billing cycles are considered to be equal if:
(1)  the number of billing cycles in the period does not exceed 12;  and
(2)  the difference between the length of the longest and the shortest billing cycles in the period does not exceed eight days.
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 346 - Revolving Credit Accounts › Subchapter B. Interest Charge and Fees › Section 346.103. Fees

Sec. 346.103.  FEES.  (a)  The following fees may be charged to or collected from a customer in connection with an account under this chapter:
(1)  an annual fee not to exceed:
(A)  $50 a year on an account with a credit limit of $5,000 or less;
(B)  $75 a year on an account with a credit limit exceeding $5,000 but not exceeding $25,000; and
(C)  $125 a year on an account with a credit limit exceeding $25,000;
(2)  a late charge not to exceed the lesser of $15 or five percent of the payment due after the payment continues unpaid for 10 days or more after the date the payment is due, including Sundays and holidays;
(3)  a cash advance charge not to exceed the greater of $2 or two percent of the cash advance;
(4)  a returned check fee as provided for a loan agreement under Chapter 342 by Section 3.506, Business & Commerce Code; and
(5)  a fee for exceeding a credit limit not to exceed the greater of $15 or five percent of the amount by which the credit limit is exceeded.
(b)  A creditor may not charge, contract for, or receive interest on fees authorized under this section.
(c)  A customer's monthly statement must contain the following notice printed or typed in at least 10-point type that is boldfaced, capitalized, underlined, or otherwise conspicuously set out from the surrounding written material:  "A LATE CHARGE OF FIVE PERCENT OF THE PAYMENT DUE OR A MAXIMUM OF $15 WILL BE ASSESSED FOR A PAYMENT MADE 10 DAYS OR MORE AFTER THE DATE PAYMENT OF THIS BILL IS DUE."
(d)  With respect to a revolving credit account secured by an interest in real property, a creditor may contract for, charge, and receive additional fees or charges permitted under Section 342.308 as if the revolving credit account were a secondary mortgage loan under Chapter 342.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 1348, Sec. 2, eff. Sept. 1, 1999;  Acts 2003, 78th Leg., ch. 887, Sec. 3, eff. Sept. 1, 2003.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1182 (H.B. 3453), Sec. 9, 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 346 - Revolving Credit Accounts › Subchapter C. Creditor's Duties and Authority › Section 346.201. Insurance; Collateral

Sec. 346.201.  INSURANCE;  COLLATERAL.  In connection with a revolving credit account, a creditor may require or take insurance subject to the provisions of Chapter 342, relating to insurance, as if the revolving credit account were a loan contract under that chapter.  A creditor may require or take real or personal property as collateral.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.55, eff. Sept. 1, 1999;  Acts 2003, 78th Leg., ch. 887, Sec. 4, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 346 - Revolving Credit Accounts › Subchapter C. Creditor's Duties and Authority › Section 346.202. Amounts Authorized to Be Recovered From Customer

Sec. 346.202.  AMOUNTS AUTHORIZED TO BE RECOVERED FROM CUSTOMER.  (a)  A creditor may recover from a customer amounts incurred by the creditor for:
(1)  court costs;
(2)  attorney's fees assessed by a court;
(3)  a fee authorized by law for filing or recording in a public office a document securing a revolving credit account, including a document releasing a security interest;
(4)  a fee for recording a lien on or transferring a certificate of title to a motor vehicle securing a revolving credit account;
(5)  a reasonable amount spent for repossessing, storing, preparing for sale, or selling collateral;  or
(6)  a premium or an identifiable charge received in connection with sale of insurance authorized for a revolving credit account.
(b)  With respect to a revolving credit account secured by an interest in real property, a creditor may contract for, charge, and receive additional fees or charges permitted under Section 342.307 as if the revolving credit account were a secondary mortgage loan under Chapter 342.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 887, Sec. 5, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 346 - Revolving Credit Accounts › Subchapter C. Creditor's Duties and Authority › Section 346.203. More Than One Revolving Credit Account Authorized

Sec. 346.203.  MORE THAN ONE REVOLVING CREDIT ACCOUNT AUTHORIZED.  (a)  On a customer's request, a creditor may enter into more than one revolving credit account with the customer and may charge interest on each account.
(b)  A creditor may not require that a customer enter into more than one revolving credit account for the purpose of collecting interest at a rate greater than the rate authorized by 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 346 - Revolving Credit Accounts › Subchapter C. Creditor's Duties and Authority › Section 346.204. Amendment of Revolving Credit Account by Creditor

Sec. 346.204.  AMENDMENT OF REVOLVING CREDIT ACCOUNT BY CREDITOR.  (a)  A creditor unilaterally may amend a revolving credit account.
(b)  A change made under Subsection (a) that relates to an existing or future balance of a revolving credit account and that is adverse to the customer may not take effect before the first billing cycle that begins after the 90th day after the date of written notice of the change to the customer unless the amendment is made under Section 303.103.
(c)  With respect to a revolving credit account secured by an interest in real property, a creditor who makes a change under Subsection (a) that relates to an existing or future balance of the account and that is adverse to the customer must comply with the procedures in Section 303.103.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 1235, Sec. 16, eff. Sept. 1, 2001;  Acts 2003, 78th Leg., ch. 887, Sec. 6, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 346 - Revolving Credit Accounts › Subchapter C. Creditor's Duties and Authority › Section 346.205. Compliance With Federal Consumer Credit Protection Act

Sec. 346.205.  COMPLIANCE WITH FEDERAL CONSUMER CREDIT PROTECTION ACT.  This chapter does not change a creditor's obligation to comply with the Consumer Credit Protection Act  (15 U.S.C. Section 1601 et seq.)
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 346 - Revolving Credit Accounts › Subchapter C. Creditor's Duties and Authority › Section 346.206. Acceleration or Immediate Payment Demand Prohibited

Sec. 346.206.  ACCELERATION OR IMMEDIATE PAYMENT DEMAND PROHIBITED.  With respect to a revolving credit account secured by an interest in real property, a creditor may not accelerate or demand immediate payment of an amount owed under the account unless the customer is in default under the terms of the account agreement.
Added by Acts 2003, 78th Leg., ch. 887, Sec. 7, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 347 - Manufactured Home Credit Transactions › Subchapter A. General Provisions › Section 347.001. Legislative Finding

Sec. 347.001.  LEGISLATIVE FINDING.  The legislature finds that credit transactions, both credit sales and consumer loans, for the purchase of manufactured homes should be regulated equally in the same 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 347 - Manufactured Home Credit Transactions › Subchapter A. General Provisions › Section 347.002. Definitions

Sec. 347.002.  DEFINITIONS.  (a)  In this chapter:
(1)  "Consumer" means a person to whom credit is extended in a credit transaction.  The term includes a comaker, endorser, guarantor, surety, or another person who is obligated to repay the extension of credit.
(2)  "Credit document" means a written instrument evidencing a credit transaction and includes all written agreements between each consumer and creditor that relate to that transaction.
(3)  "Credit transaction" means:
(A)  any sale, loan, or other transaction involving a retail purchase of a manufactured home and under which a person in a written agreement, including a credit sales contract or loan instrument, grants to another person a purchase money lien on the manufactured home to secure an extension of credit that is:
(i)  subject to a finance charge;  or
(ii)  payable in more than four installments, not including a down payment;  and
(B)  a lease or bailment described by Section 347.003.
(4)  "Creditor" means a:
(A)  person who extends credit or arranges for the extension of credit in a credit transaction;  or
(B)  retailer or broker, as defined by Section 1201.003, Occupations Code, who participates in arranging for the extension of credit in a credit transaction.
(5)  "Manufactured home" has the meaning assigned by Section 1201.003, Occupations Code.  The term includes furniture, appliances, drapes, carpets, wall coverings, and other items that are:
(A)  attached to or contained in the structure;  and
(B)  included in the cash price and sold with the structure.
(b)  To the extent possible, a word or phrase used in this chapter, other than a term defined by this section, has the meaning assigned by the Truth in Lending Act (15 U.S.C. Section 1601 et seq.) and its subsequent amendments, as implemented by Regulation Z (12 C.F.R. Part 1026).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 14A.773, eff. Sept. 1, 2003.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 408 (H.B. 2019), Sec. 72, eff. September 1, 2017.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 347 - Manufactured Home Credit Transactions › Subchapter A. General Provisions › Section 347.003. Bailment or Lease as Credit Transaction

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.
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 347 - Manufactured Home Credit Transactions › Subchapter A. General Provisions › Section 347.004. Compliance With Federal Consumer Credit Protection Act

Sec. 347.004.  COMPLIANCE WITH FEDERAL CONSUMER CREDIT PROTECTION ACT.  (a)  A creditor shall comply with all applicable requirements, including required disclosures, under the Truth in Lending Act (15 U.S.C. Section 1601 et seq.) and its subsequent amendments, as implemented by Regulation Z (12 C.F.R. Part 1026) adopted under that Act.
(b)  A regulation, disclosure, or interpretation of this chapter that is inconsistent or in conflict with a federal regulation, disclosure, or interpretation does not apply.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 408 (H.B. 2019), Sec. 73, eff. September 1, 2017.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 347 - Manufactured Home Credit Transactions › Subchapter A. General Provisions › Section 347.005. Federal Residential Mortgage Loans Programs

Sec. 347.005.  FEDERAL RESIDENTIAL MORTGAGE LOANS PROGRAMS.  (a)  A creditor and consumer may agree to any provision in the credit transaction that is expressly authorized in a program for residential mortgage loans by the United States, including the Office of Thrift Supervision, the Office of the Comptroller of the Currency, or the Department of the Treasury.
(b)  If a creditor and consumer agree on an alternative residential mortgage loan from a program described by Subsection (a), the creditor shall comply with all limitations and requirements, including required disclosures, of the regulating entity that relate to the loan.
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 347 - Manufactured Home Credit Transactions › Subchapter A. General Provisions › Section 347.006. Waiver Not Valid

Sec. 347.006.  WAIVER NOT VALID.  No act or agreement of the consumer before or at the time of the making of a credit transaction or purchase under the transaction is a valid waiver of 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 347 - Manufactured Home Credit Transactions › Subchapter A. General Provisions › Section 347.007. Application of Chapter to Commercial Loans

Sec. 347.007.  APPLICATION OF CHAPTER TO COMMERCIAL LOANS.  This chapter does not apply to a credit transaction that is entered into primarily for commercial or business purposes.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.18, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 347 - Manufactured Home Credit Transactions › Subchapter A. General Provisions › Section 347.008. Applicability

Sec. 347.008.  APPLICABILITY.  Each credit transaction extended to a person who is located in this state at the time the transaction is entered into is subject to this chapter.
Added by Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 30, 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 347 - Manufactured Home Credit Transactions › Subchapter B. Credit Document › Section 347.051. Appearance of Credit Document; Consumer Notice

Sec. 347.051.  APPEARANCE OF CREDIT DOCUMENT;  CONSUMER NOTICE.  (a)  The printed part of a credit document, other than instructions for completion, must be in at least eight-point type.
(b)  A credit document must contain substantially:
"NOTICE TO THE CONSUMER--DO NOT SIGN THIS DOCUMENT BEFORE YOU READ IT OR IF IT CONTAINS ANY BLANK SPACES. YOU ARE ENTITLED TO A COPY OF THE DOCUMENT YOU SIGN. UNDER THE LAW YOU HAVE THE RIGHT TO PAY OFF IN ADVANCE THE FULL AMOUNT DUE AND OBTAIN A SUBSTANTIAL REFUND OF THE CREDIT CHARGE. KEEP THIS DOCUMENT TO PROTECT YOUR LEGAL RIGHTS."
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 347 - Manufactured Home Credit Transactions › Subchapter B. Credit Document › Section 347.052. Disclosure of Amount of Delinquency Charge

Sec. 347.052.  DISCLOSURE OF AMOUNT OF DELINQUENCY CHARGE.  The creditor shall disclose in the credit document the amount or method of computing the amount of a charge that is payable if a payment on the credit transaction is late.
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 347 - Manufactured Home Credit Transactions › Subchapter B. Credit Document › Section 347.053. Provisions Prohibited in Credit Document

Sec. 347.053.  PROVISIONS PROHIBITED IN CREDIT DOCUMENT.  A credit document may not:
(1)  contain a power of attorney to confess judgment in this state;
(2)  contain an assignment of wages;
(3)  provide that the consumer agrees not to assert against a creditor or an assignee of the credit transaction a claim or defense arising out of the sale;  or
(4)  authorize the creditor or a person acting on the creditor's behalf to:
(A)  enter the consumer's premises unlawfully;  or
(B)  commit a breach of the peace in the repossession of a manufactured home.
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 347 - Manufactured Home Credit Transactions › Subchapter B. Credit Document › Section 347.054. Consumer's Acknowledgment of Delivery of Credit Document

Sec. 347.054.  CONSUMER'S ACKNOWLEDGMENT OF DELIVERY OF CREDIT DOCUMENT.  (a)  A consumer's acknowledgment of the delivery of a copy of the credit document is conclusive proof that:
(1)  the document was delivered to the consumer;  and
(2)  the document did not contain a blank space that was required by this chapter to have been filled when the document was signed by the consumer.
(b)  In an action or proceeding by or against a subsequent creditor who does not have knowledge to the contrary, a consumer's acknowledgment of the delivery of a copy of the credit document is conclusive proof that the creditor complied with this section.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Sec. 347.055.  CREDIT DOCUMENT AFTER AMENDMENT.  After a credit document is amended under Subchapter D, the document consists of:
(1)  the original credit document;
(2)  the writing required under Section 347.153 for that amendment;  and
(3)  each amendment to the original credit document adopted before that 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 347 - Manufactured Home Credit Transactions › Subchapter B. Credit Document › Section 347.056. Authority of Consumer Credit Commissioner Relating to a Credit Document

Sec. 347.056.  AUTHORITY OF CONSUMER CREDIT COMMISSIONER RELATING TO A CREDIT DOCUMENT.  Except as provided by Section 347.004(a), the commissioner may not require the inclusion of any specific language or a disclosure on a credit document that is not expressly required by:
(1)  this chapter; or
(2)  a regulation of the Office of the Comptroller of the Currency.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 408 (H.B. 2019), Sec. 74, eff. September 1, 2017.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.101. Adjustable Rate

Sec. 347.101.  ADJUSTABLE RATE.  A credit transaction may provide for an adjustable interest rate or time price differential in accordance with this subchapter.
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 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.102. Requirements for Rate Adjustments

Sec. 347.102.  REQUIREMENTS FOR RATE ADJUSTMENTS.  (a)  The interest rate or time price differential in a credit transaction may be adjusted at stated regular intervals if the credit document expressly:
(1)  provides for the adjustment;  and
(2)  states the index described by Subsection (b) that is being used for the adjustment.
(b)  The index must be:
(1)  the monthly average gross yield to the Federal National Mortgage Association on accepted bids in weekly or biweekly auctions for four-month commitments to purchase FHA-insured or VA-guaranteed home mortgages, as published in the Federal Reserve Bulletin;
(2)  the monthly average yield on United States Treasury securities adjusted to a constant maturity of five years as published in the Federal Reserve Bulletin;  or
(3)  an index expressly approved by the Office of Thrift Supervision or by the Office of the Comptroller of the Currency, Department of the Treasury, for adjustable or variable interest rates on residential mortgage loans.
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 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.103. Rate Adjustment Index Base

Sec. 347.103.  RATE ADJUSTMENT INDEX BASE.  The index base for an adjustment of the interest rate or time price differential is set by the index value on the first day of the month in which the credit document is dated.
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 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.104. Amount of Rate Adjustment

Sec. 347.104.  AMOUNT OF RATE ADJUSTMENT.  (a)  The amount of a rate adjustment is computed by subtracting the index base or, for a change after the initial change, the index value used for the preceding rate adjustment from the index value on the first day of a month that precedes the 50th day before the date on which the adjustment is to take effect.  The amount is applied to the rate applicable to the credit transaction.
(b)  The rate in a credit transaction may be adjusted only if the adjustment results in a change of at least one-eighth of one percent a year.
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 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.105. Maximum Rate Adjustments

Sec. 347.105.  MAXIMUM RATE ADJUSTMENTS.  (a)  The total of the rate adjustments for any six-month period may not exceed one-half of one percent a year.
(b)  If the stated interval for rate adjustments is a 12-month period or longer, a rate adjustment may not exceed one percent a year.
(c)  The total of all rate adjustments over the term of the credit transaction may not exceed the least of:
(1)  one-half of the initial rate;
(2)  eight percent;  or
(3)  a rate, expressed as a percentage, computed by dividing the term of the loan in years by two.
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 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.106. Mandatory Decrease; Optional Increase

Sec. 347.106.  MANDATORY DECREASE;  OPTIONAL INCREASE.  (a)  If a computation under Section 347.104 results in a decrease, the creditor shall decrease the credit transaction's rate.  If the creditor has agreed to impose periodic or aggregate limitations on rate adjustments that are smaller or more restrictive than the limitations prescribed by Section 347.105, those limitations apply to the decrease.
(b)  A creditor may waive an increase that results from a computation under Section 347.104.
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 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.107. Notice of Rate Adjustment

Sec. 347.107.  NOTICE OF RATE ADJUSTMENT.  (a)  After the notice provided by this section has been given, the rate shall be increased or decreased by the amount determined by this subchapter.
(b)  Before the 40th day preceding the payment date on which a rate adjustment is to take effect, the creditor shall mail to the consumer, postage prepaid, a notice that states:
(1)  the initial credit transaction rate or the adjusted rate in effect on the date of the notice, as appropriate;
(2)  the index base, or the index value used to compute the preceding rate adjustment, as appropriate, and the date on which the index base or value was determined;
(3)  the index value used to compute the rate adjustment for which the notice is sent and the date on which the index value was determined;
(4)  the amount of the rate adjustment;
(5)  the new adjusted rate;
(6)  the amount of the monthly payments on the indebtedness on the date of the notice;
(7)  the adjusted amount of the monthly payments and the date on which the adjustment takes effect;  and
(8)  a statement of the prepayment rights of the consumer as set forth in the credit document.
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 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.108. Prohibition on Use of Rate Adjustment and Certain Mortgages

Sec. 347.108.  PROHIBITION ON USE OF RATE ADJUSTMENT AND CERTAIN MORTGAGES.  A credit transaction that provides for a rate adjustment under this subchapter may not permit the rate adjustment to be combined with a mortgage loan that has a term of five years or less or contain a provision that otherwise additionally allows the creditor to renegotiate, modify, or otherwise adjust the rate or term of the transaction within the 60-month period after the date of 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 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.109. Computation of Finance Charge for Disclosure

Sec. 347.109.  COMPUTATION OF FINANCE CHARGE FOR DISCLOSURE.  (a)  This section applies only for purposes of disclosure.
(b)  The finance charge on a credit transaction is computed on the unpaid balance from the effective date of the transaction provided by the credit document until the payment date of the final installment, notwithstanding that the total of payments is required to be repaid in installments.
(c)  The finance charge on a credit transaction that includes an adjustable rate provision is computed on the amount financed using the initial contract rate.
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 347 - Manufactured Home Credit Transactions › Subchapter C. Finance Charge Rates and Adjustments › Section 347.110. Use of Optional Ceiling

Sec. 347.110.  USE OF OPTIONAL CEILING.  (a)  This section applies to a credit transaction only if the federal usury preemptions for residential mortgage loans contained in the Veterans' Disability Compensation and Survivors' Benefits Act of 1979 (38 U.S.C. Section 101 et seq.), the Housing and Community Development Act of 1979 (42 U.S.C. Section 5401 et seq.), and the Depository Institutions Deregulation and Monetary Control Act of 1980 (12 U.S.C. Section 1735f-7) are expressly made inapplicable to transactions made in this state by an Act of the legislature of this state.  Application of this section begins on the effective date of that Act.
(b)  The interest or time price differential in a credit transaction may not exceed the amount obtained by applying a simple interest rate equal to 13.32 percent a year to the unpaid balance for the scheduled term of the transaction.
(c)  If the credit transaction is payable for a period that is shorter or longer than a year or is for an amount that is less or greater than $100, the amount of the maximum charge computed under this section is decreased or increased proportionately.
(d)  For the purpose of a computation under this section, 15 or more days of a month may be considered a full month.
(e)  A transaction payable other than in substantially equal successive monthly installments beginning one month from the date of the credit document may provide for a finance charge that does not exceed an amount that, having due regard for the schedule of payments, provides the same effective return as if the credit transaction were payable in substantially equal successive monthly installments beginning one month from the date of the credit document.
(f)  As an alternative to the rate authorized under Subsection (b), a credit transaction may provide for a rate that does not exceed the applicable optional interest rate ceiling under Chapter 303.
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 347 - Manufactured Home Credit Transactions › Subchapter D. Amendment or Prepayment of Credit Transaction › Section 347.151. Amendment of Credit Transaction

Sec. 347.151.  AMENDMENT OF CREDIT TRANSACTION.  (a)  On a consumer's request, a creditor may:
(1)  extend or defer the scheduled due date of all or part of one or more installments of the credit transaction;
(2)  renew, restate, or reschedule the unpaid balance of the transaction;  or
(3)  increase or reduce the number of installments of the transaction.
(b)  A creditor may collect a charge that does not exceed the amount computed by applying the credit transaction's interest rate or time price differential applicable on the date of adjustment to the remaining amount of the unpaid balance, computed under Section 347.155, for the period that the amount is extended or deferred.
(c)  The creditor and consumer may agree to an unlimited number of extensions.  The period of each extension is the period agreed to by the creditor and consumer.
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 347 - Manufactured Home Credit Transactions › Subchapter D. Amendment or Prepayment of Credit Transaction › Section 347.152. Alternate Method of Amendment of Credit Transaction

Sec. 347.152.  ALTERNATE METHOD OF AMENDMENT OF CREDIT TRANSACTION.  (a)  As an alternative to Section 347.151 the creditor, on the consumer's request, may agree to amend an original credit transaction by renewing, restating, or rescheduling the unpaid part of the total of payments.
(b)  The charge for the amended credit transaction is computed on the unpaid balance of the transaction for the term of the transaction at the rate applicable to the transaction.
(c)  For the purpose of Subsection (b), the unpaid balance of an amended credit transaction is computed by:
(1)  adding:
(A)  the unpaid balance of the transaction preceding the amendment;
(B)  the cost of insurance incidental to the amendment;
(C)  additional necessary official fees;  and
(D)  each accrued delinquency and collection charge;  and
(2)  subtracting from the total under Subdivision (1) the prepayment refund credit required by Section 347.155.
(d)  The provisions of this chapter relating to minimum charges and acquisition costs do not apply to the computation of the unpaid balance for an amended credit 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 347 - Manufactured Home Credit Transactions › Subchapter D. Amendment or Prepayment of Credit Transaction › Section 347.153. Requirements for Amendment

Sec. 347.153.  REQUIREMENTS FOR AMENDMENT.  (a)  Before an amendment of a credit transaction may take effect it must be:
(1)  confirmed in writing;
(2)  signed by the consumer;  and
(3)  returned to the creditor.
(b)  The writing must state:
(1)  the terms of the amendment;  and
(2)  the new due dates and amounts of the installments.
(c)  The creditor shall:
(1)  deliver a copy of the writing to the consumer;  or
(2)  mail a copy of the writing to the consumer's address shown on the credit document.
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 347 - Manufactured Home Credit Transactions › Subchapter D. Amendment or Prepayment of Credit Transaction › Section 347.154. Oral Amendment Not Binding

Sec. 347.154.  ORAL AMENDMENT NOT BINDING.  An oral amendment to a credit transaction is not binding on the consumer or the creditor.
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 347 - Manufactured Home Credit Transactions › Subchapter D. Amendment or Prepayment of Credit Transaction › Section 347.155. Prepayment

Sec. 347.155.  PREPAYMENT.  (a)  A consumer may prepay in full the unpaid balance of a credit transaction at any time before maturity.
(b)  On prepayment, after deduction of an acquisition charge that does not exceed $50, the consumer is entitled to a refund credit of the time price differential or interest.  The amount of the credit is computed on an actuarial basis in accordance with regulations of the Office of the Comptroller of the Currency adopted under the Depository Institutions Deregulation and Monetary Control Act of 1980 (12 U.S.C. Section 1735f-7a et seq.) for the prepayment of a mortgage loan that is secured by a first lien on a residential manufactured home.
(c)  In making the computation under Subsection (b), the creditor may assume that payments on the credit transaction have been made as originally scheduled, ignoring any difference created by a late or early payment.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 408 (H.B. 2019), Sec. 75, eff. September 1, 2017.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle B - Loans and Financed Transactions › Chapter 347 - Manufactured Home Credit Transactions › Subchapter E. Insurance › Section 347.201. Property Insurance

Sec. 347.201.  PROPERTY INSURANCE.  (a)  A creditor may require a consumer to insure the property involved in a credit transaction with coverage designated by the creditor.
(b)  Insurance required under this section may include federal flood coverage.
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 347 - Manufactured Home Credit Transactions › Subchapter E. Insurance › Section 347.202. Statement of Required Insurance

Sec. 347.202.  STATEMENT OF REQUIRED INSURANCE.  (a)  If insurance is required in connection with a credit transaction, the creditor shall give to the consumer a statement that clearly and conspicuously states that:
(1)  insurance is required in connection with the transaction;  and
(2)  the consumer as an option may obtain and furnish equivalent insurance coverage through an insurance policy obtained from an insurance company authorized to do business in this state subject to the limitations of Section 347.208.
(b)  The statement may be made with or be a part of the credit document.
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 347 - Manufactured Home Credit Transactions › Subchapter E. Insurance › Section 347.203. Consumer's Failure to Obtain Required Insurance

Sec. 347.203.  CONSUMER'S FAILURE TO OBTAIN REQUIRED INSURANCE.  (a)  If at any time the consumer fails to obtain the required insurance, the creditor may:
(1)  treat the failure as a default;  or
(2)  purchase the required insurance and add to the unpaid balance of the credit transaction the premium of the insurance and interest, at the interest rate or time price differential applicable to the transaction on the date the insurance is purchased.
(b)  The insurance purchased under Subsection (a) may be in an amount up to but not in excess of the prepayment amount under Section 347.155 if the balance were prepaid on the date that the insurance is purchased.
(c)  If insurance is purchased under Subsection (a), the creditor shall notify the consumer that:
(1)  the insurance has been purchased under this section;  and
(2)  the premium for the insurance and interest on the premium have been added to the unpaid balance.
(d)  The creditor may determine the period and number of installments in which the consumer is to pay the premium and interest, including payment of the total amount on the date of the last installment, payment in equal increments added to each of the remaining installments, or payment in a lesser number of installments or in unequal increments.
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 347 - Manufactured Home Credit Transactions › Subchapter E. Insurance › Section 347.204. Purchase of Additional Insurance After Date of Credit Document

Sec. 347.204.  PURCHASE OF ADDITIONAL INSURANCE AFTER DATE OF CREDIT DOCUMENT.  (a)  A consumer may:
(1)  purchase any insurance authorized by this chapter after the date of the credit document;  and
(2)  include the amount of the insurance premium in the unpaid balance of the credit transaction.
(b)  Interest accrues on the insurance premium at a rate that does not exceed the interest rate or time price differential applicable to the credit transaction on the date the insurance is purchased.
(c)  The additional insurance premium and interest may be paid in any period and any number of installments to which the consumer and creditor agree.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.