Texas Occupations Code 2301.556 – Use of Certain Terms
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Occupations Code 2301.556
- 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
- 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
With respect to the regulation of motor vehicle distribution under this chapter, a person may not use the word “lease” or “leasing,” or any variation of those words, in the person’s name or in the name of an entity owned by the person unless the person is:
(1) licensed under this chapter as a vehicle lessor or vehicle lease facilitator; or
(2) exempt under § 2301.254 from the requirement to obtain a license.