SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 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...
- Texas Section 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,...
- Texas Section 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...
- Texas Section 347.004 - Compliance With Federal Consumer Credit Protection Act
(a) A creditor shall comply with all applicable requirements, including required disclosures, under Part I, Consumer Credit Protection Act (15 U.S.C. Section 1601 et seq.)...
- Texas Section 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...
- Texas Section 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...
SUBCHAPTER B CREDIT DOCUMENT
- Texas Section 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.,...
- Texas Section 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...
- Texas Section 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...
- Texas Section 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...
- Texas Section 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...
- Texas Section 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...
SUBCHAPTER C FINANCE CHARGE RATES AND ADJUSTMENTS
- Texas Section 347.056 - Authority Of Consumer Credit Commissioner Relating To A Credit Document
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)...
- Texas Section 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,...
- Texas Section 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)...
- Texas Section 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...
- Texas Section 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...
- Texas Section 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...
- Texas Section 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...
- Texas Section 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....
- Texas Section 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...
- Texas Section 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...
SUBCHAPTER D AMENDMENT OR PREPAYMENT OF CREDIT TRANSACTION
- Texas Section 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...
- Texas Section 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...
- Texas Section 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...
- Texas Section 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)...
- Texas Section 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....
SUBCHAPTER E INSURANCE
- Texas Section 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...
- Texas Section 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...
- Texas Section 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...
- Texas Section 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)...
- Texas Section 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...
- Texas Section 347.205 - Statement For Purchase Of Optional Insurance
(a) A consumer who elects to purchase optional insurance must sign a statement that: (1) indicates the consumer's election; and (2) describes the term, premium,...
- Texas Section 347.206 - Requirements For Insurance Charge In Credit Transaction
Insurance required by or included in a credit transaction must be written: (1) at lawful rates; (2) in accordance with the Insurance Code; and (3)...
- Texas Section 347.207 - Insurance Disclosures In Credit Document
A credit document must disclose: (1) the term, premium, and type of insurance the cost of which is included in the unpaid balance of the...
- Texas Section 347.208 - Creditor May Refuse To Accept Policy
(a) If the consumer obtains insurance required under this chapter from someone other than the creditor, the creditor is entitled for good cause to refuse...
- Texas Section 347.209 - Creditor's Duty If Insurance Is Canceled, Adjusted, Or Terminated
(a) If insurance for which a charge is included in a credit transaction is canceled, adjusted, or terminated, the creditor shall: (1) credit to the...
- Texas Section 347.210 - Single Interest Policy Prohibited
Insurance that protects only the interest of the creditor is prohibited and may not be financed as part of a credit transaction. Acts 1997, 75th...
SUBCHAPTER F PAYMENT OF INSURANCE AND TAXES
- Texas Section 347.211 - Gain Or Advantage From Insurance Not Charge
Any gain or advantage to a creditor or a creditor's employee, officer, director, agent, general agent, affiliate, or associate from insurance under this chapter or...
- Texas Section 347.251 - Financing Insurance
(a) A creditor may finance as part of a credit transaction insurance: (1) required in accordance with Section 347.201; or (2) requested by the consumer....
- Texas Section 347.252 - Payment Of Insurance Premiums With Installments
For insurance coverage required under Section 347.201 in the second and subsequent years of the credit transaction, a creditor may require the consumer to pay...
- Texas Section 347.253 - Adjustment Of Amounts Paid To Creditor For Insurance
(a) If the amount held by a creditor to pay insurance premiums and the amounts for insurance to be paid to the creditor with installments...
- Texas Section 347.254 - Payment Of Taxes Through The Creditor
(a) Except as provided by Subsection (c), a creditor shall require a consumer to pay ad valorem taxes on the manufactured home through the creditor....
- Texas Section 347.255 - Adjustment Of Amounts Paid To Creditor For Taxes
(a) If the amount held by a creditor to pay ad valorem taxes on the manufactured home and the amounts for taxes to be paid...
- Texas Section 347.256 - Creditor's Action On Consumer's Failure To Pay Taxes
(a) If a consumer does not pay a tax that has been assessed against the manufactured home, the creditor may treat the failure as a...
- Texas Section 347.257 - Agreement To Include Taxes In Credit Transaction
(a) A consumer and creditor may agree to: (1) have the creditor pay taxes, and interest or other charges, assessed by a taxing authority against...
SUBCHAPTER G MISCELLANEOUS FEES AND CHARGES
- Texas Section 347.258 - Deposit Amounts Paid For Taxes Or Insurance
(a) This section applies to amounts received in installments by a creditor for the payment of ad valorem taxes or insurance premiums. (b) The creditor...
- Texas Section 347.301 - Fees For Transactions Without Real Property
(a) This section applies only to a credit transaction that does not involve real property. (b) Only a fee or tax that is paid by...
- Texas Section 347.302 - Charge Prohibited
A creditor may not charge a consumer any amount in connection with processing a credit transaction rate adjustment under Subchapter C. Acts 1997, 75th Leg.,...
- Texas Section 347.307 - Charges On Repossession
A credit document may provide for payment of: (1) reasonable attorney's fees; (2) court costs and disbursements; and (3) the charge and collection of actual...
SUBCHAPTER H ACTIONS ON DEFAULT
- Texas Section 347.308 - Fee For Transfer Of Obligor On Debt
A creditor may: (1) agree to accept a subsequent consumer as an obligor under an existing obligation; and (2) charge a transfer fee that does...
- Texas Section 347.351 - Delinquency Charge On Default
(a) On each installment in default for more than 15 days, a creditor may collect a delinquency charge that does not exceed the lesser of...
- Texas Section 347.352 - Acceleration Of Debt Maturity
A creditor may accelerate the maturity of all or a part of the amount owed under a credit transaction only if the consumer is in...
- Texas Section 347.353 - Computing Amount Owed For Purpose Of Acceleration
In computing the amount that is owed under a credit transaction, the creditor shall grant to the consumer a refund of the finance charge computed...
- Texas Section 347.354 - Accrual Of Interest On Acceleration
If payment of a debt is accelerated, interest accrues on the amount owed under the credit transaction, including expenses authorized under Section 347.307 that are...
- Texas Section 347.355 - Repossession On Default
(a) If a consumer is in default, the creditor who possesses the first recorded perfected security interest may repossess the manufactured home. (b) If the...
- Texas Section 347.356 - Requirements For Action To Repossess, Foreclose, Or Accelerate Payment Of Entire Debt
An action to repossess a manufactured home, foreclose a lien on a manufactured home, or accelerate payment of the entire unpaid balance of a credit...
SUBCHAPTER I SECURITY INTERESTS IN MANUFACTURED HOMES
- Texas Section 347.357 - Disposal Of Insurance And Tax Escrow Account On Default
If a consumer is in default, the amount in the consumer's insurance and tax escrow accounts established under Section 347.258 shall be applied to the...
- Texas Section 347.401 - Priority Of Security Interest For Unpaid Rental Of Real Property
Except as provided by this subchapter, a lien or charge against a manufactured home for unpaid rental of the real property on which the manufactured...
- Texas Section 347.402 - Possessory Lien
(a) The owner of the real property on which a manufactured home is or has been located and for which rental charges have not been...
- Texas Section 347.403 - Amounts That May Be Recovered By Real Property Owner
In addition to the recovery of the rental charges, the owner of real property who is required to retain legal counsel to recover the amounts...
SUBCHAPTER J RIGHTS AND DUTIES OF CREDITOR AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR
- Texas Section 347.404 - Liability Of Real Property Owner For Refusal To Allow Creditor To Repossess Manufactured Home
(a) Unless an owner of real property has a possessory lien that has priority under Section 347.402, the owner of the real property may not...
- Texas Section 347.451 - Registration Of Certain Creditors
(a) A creditor who is not an authorized lender under Chapter 342 or a credit union shall: (1) register with the Office of Consumer Credit...
- Texas Section 347.4515 - 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...
- Texas Section 347.452 - Acquisition And Transfer Of Credit Transaction Or Balance
(a) A person may acquire or agree to acquire from another person a credit transaction or an unpaid balance under a credit transaction on the...
- Texas Section 347.453 - Effect Of Disclosure By One Of Several Creditors
In a credit transaction involving more than one creditor, the disclosure of an item by a creditor satisfies the requirement to disclose that item regardless...
- Texas Section 347.454 - Disclosure If More Than One Consumer
In a credit transaction involving more than one consumer, the creditor is required to give the disclosures required by this chapter to only one of...
SUBCHAPTER K CREDITOR'S LIABILITY; PENALTIES
- Texas Section 347.455 - Real Property In Credit Transaction
(a) A creditor and consumer may agree to include real property in the cash price of a credit transaction if: (1) the real property does...
- Texas Section 347.501 - Creditor's Liability Related To Deposit
A creditor is liable for the penalty provided by Section 349.003 if the creditor: (1) fails to order the manufactured home or fails to hold...
- Texas Section 347.502 - Liability For Charge Exceeding Amount Authorized
(a) Notwithstanding Chapter 349, a creditor who contracts for, charges, or receives a charge relating to a credit transaction, other than interest or time price...
- Texas Section 347.503 - Creditor's Liability For Error In Pay-off Quotation
Notwithstanding Chapter 349, a creditor that responds to a consumer's request for a pay-off quotation under this chapter by delivering to the consumer a written...
- Texas Section 347.504 - Creditor's Liability For Oral Or Unsolicited Written Statement Of Amount Owed
On a credit transaction a creditor is not liable for an oral statement of an amount owed or for a written statement of an amount...
- Texas Section 347.505 - Penalty For Failure To Register
(a) The commissioner may impose a penalty not to exceed $50 for failure to register as required by Section 347.451(a). (b) The commissioner may impose...
- Texas Section 347.506 - When Act Or Omission Not Violation
(a) An act or omission does not violate this chapter if the act or omission conforms to an interpretation of any provision of this chapter...