Texas Finance Code 345.355 – Prohibition On Certain Acts of Repossession
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Finance Code 345.355
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
A retail installment contract or retail charge agreement may not:
(1) authorize the holder or a person acting on the holder’s behalf to:
(A) enter the retail buyer’s premises unlawfully; or
(B) commit a breach of the peace in the repossession of goods; or
(2) provide for the retail buyer to execute a power of attorney appointing, as the buyer’s agent in the repossession of goods, the holder or a person acting on the holder’s behalf.