(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, surety, or another person who is obligated to repay the extension of credit.
(2) “Credit document” means a written instrument evidencing a credit transaction and includes all written agreements between each consumer and creditor that relate to that transaction.
(3) “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 § 347.003.
(4) “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 § 1201.003, Occupations Code, who participates in arranging for the extension of credit in a credit transaction.
(5) “Manufactured home” has the meaning assigned by § 1201.003, Occupations Code. The term includes furniture, appliances, drapes, carpets, wall coverings, and other items that are:
(A) attached to or contained in the structure; and
(B) included in the cash price and sold with the structure.
(b) To the extent possible, a word or phrase used in this chapter, other than a term defined by this section, has the meaning assigned by the Truth in Lending Act (15 U.S.C. § 1601 et seq.) and its subsequent amendments, as implemented by Regulation Z (12 C.F.R. part 1026).

Terms Used In Texas Finance Code 347.002

  • Consumer: means a person to whom credit is extended in a credit transaction. See Texas Finance Code 347.002
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • 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
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). 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
  • 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
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
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