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 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. 9/1/1997.