Texas Finance Code 347.452 – Acquisition and Transfer of Credit Transaction or Balance
Current as of: 2024 | Check for updates
|
Other versions
(a) A person may acquire or agree to acquire from another person a credit transaction or an unpaid balance under a credit transaction on the terms and for the price to which the parties agree.
(b) Notice to the consumer of the transfer of rights or a requirement that the creditor be deprived of dominion over payments on a credit transaction or over a manufactured home that is returned to or repossessed by the creditor is not necessary for a written transfer of the credit transaction or an unpaid balance under the transaction to be valid as against a creditor, subsequent purchaser, pledgee, mortgagee, or lien claimant of the creditor.
Terms Used In Texas Finance Code 347.452
- Consumer: means a person to whom credit is extended in a credit 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 - 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 - 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
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- 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
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) Unless the consumer has notice of the transfer of the consumer’s credit transaction or an unpaid balance under the transaction, a payment made by the consumer to the creditor last known to the consumer is binding on each subsequent creditor.