Texas Finance Code 347.307 – Charges On Repossession
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 347.307
- 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. 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 - Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. 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
A credit document may provide for payment of:
(1) reasonable attorney’s fees;
(2) court costs and disbursements; and
(3) the charge and collection of actual and reasonable out-of-pocket expenses incurred in connection with repossession of the manufactured home that secures the payment of the credit transaction or foreclosure of a lien on the manufactured home, including costs of storing, reconditioning, and reselling the manufactured home, subject to the standards of good faith and commercial reasonableness set by the Business & Commerce Code.