Tex. Fin. Code § 345.068

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 345.068 - Bailment or Lease As Retail Installment Transaction

A bailment or lease is a retail installment transaction if the bailee or lessee:

(1) contracts to pay as compensation for the use of goods an amount that substantially equals or exceeds the value of those goods; and

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

Tex. Fin. Code § 345.068

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. 9/1/1997.