Texas Finance Code 347.501 – Creditor’s Liability Related to Deposit
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Finance Code 347.501
- 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 - Manufactured home: has the meaning assigned by § 1201. See Texas Finance Code 347.002
A creditor is liable for the penalty provided by § 349.003 if the creditor:
(1) fails to order the manufactured home or fails to hold the manufactured home in inventory in accordance with the deposit agreement under Section 347.303 or 347.304, respectively; or
(2) retains as a deposit an amount that exceeds the amount authorized by Subchapter H.