Terms Used In Texas Finance Code Chapter 347 > Subchapter J - Rights and Duties of Creditor and Residential Mortgage Loan Originator

• Consumer: means a person to whom credit is extended in a credit transaction. See Texas Finance Code 347.002
• 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 § 347. See Texas Finance Code 347.002
• 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 § 1201. See Texas Finance Code 347.002
• Department: means the Department of Agriculture. See Texas Agriculture Code 1.003
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Manufactured home: has the meaning assigned by § 1201. See Texas Finance Code 347.002
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
• Property: means real and personal property. See Texas Government Code 311.005
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rule: includes regulation. See Texas Government Code 311.005
• Venue: The geographical location in which a case is tried.
• Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005