Texas Business & Commerce Code - Section 35.71. Definitions
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Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 35.71. Definitions
§ 35.71. DEFINITIONS. In this subchapter:
(1) "Advertisement" means a commercial message in any
medium that directly or indirectly promotes or assists a
rental-purchase agreement.
(2) "Cash price" means the price for which the
merchant would have sold the merchandise to the consumer for cash on
the date of the rental-purchase agreement.
(3) "Consumer" means an individual who leases personal
property under a rental-purchase agreement.
(3-a) "Loss damage waiver" means a merchant's agreement not
to hold a consumer liable for loss from all or part of any damage to
merchandise.
(4) "Merchandise" means the personal property that is
the subject of a rental-purchase agreement.
(5) "Merchant" means a person who, in the ordinary
course of business, regularly leases, offers to lease, or arranges
for the leasing of merchandise under a rental-purchase agreement,
and includes a person who is assigned an interest in a
rental-purchase agreement.
(6) "Rental-purchase agreement" means an agreement
for the use of merchandise by a consumer for personal, family, or
household purposes, for an initial period of four months or less
that is automatically renewable with each payment after the initial
period, and that permits the consumer to become the owner of the
merchandise.
Added by Acts 1985, 69th Leg., ch. 209, § 1, eff. Sept. 1, 1985.
Amended by Acts 2003, 78th Leg., ch. 816, § 24.001, eff. Sept. 1,
2003.
Section: 35.581 35.585 35.59 35.591 35.60 35.61 35.62 35.71 35.72 35.721 35.722 35.73 35.74 35.81 35.82
Last modified: August 10, 2007
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