Texas Finance Code 341.001 – Definitions
Terms Used In Texas Finance Code 341.001
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. 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
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
- Rule: includes regulation. See Texas Government Code 311.005
In this subtitle:
(1) “Authorized lender” means a person who holds a license issued under Chapter 342, a bank, or a savings association.
(2) “Bank” means a person:
(A) organized as a state bank under Subtitle A, Title 3, or under similar laws of another state if the deposits of a bank from another state are insured by the Federal Deposit Insurance Corporation; or
(B) organized as a national bank under 12 U.S.C. § 21 et seq., as subsequently amended.
(3) “Cash advance” means the total of the amount of cash or its equivalent that the borrower receives and the amount that is paid at the borrower’s direction or request, on the borrower’s behalf, or for the borrower’s benefit.
(4) “Commissioner” means the consumer credit commissioner.
(5) “Credit union” means a person:
(A) doing business under Subtitle D, Title 3; or
(B) organized under the Federal Credit Union Act (12 U.S.C. § 1751 et seq.), as subsequently amended.
(6) “Deferred presentment transaction” means a transaction in which:
(A) a cash advance in whole or part is made in exchange for a personal check or authorization to debit a deposit account;
(B) the amount of the check or authorized debit equals the amount of the advance plus a fee; and
(C) the person making the advance agrees that the check will not be cashed or deposited or the authorized debit will not be made until a designated future date.
(7) “Finance commission” means the Finance Commission of Texas or a subcommittee created by rule of the Finance Commission of Texas.
(8) “Interest” has the meaning assigned by § 301.002.
(9) “Loan” has the meaning assigned by § 301.002 and includes a sale-leaseback transaction and a deferred presentment transaction.
(10) “Sale-leaseback transaction” means a transaction in which a person sells personal property used primarily for personal, family, or household use and the buyer of the property agrees to lease the property back to the seller. In a sale-leaseback transaction:
(A) the buyer is a creditor and the seller is an obligor;
(B) an agreement to defer payment of a debt and an obligation to pay the debt are established; and
(C) any amount received by the buyer in excess of the price paid for the property by the buyer is interest subject to this subtitle.
(11) “Savings association” means a person:
(A) organized as a state savings and loan association or savings bank under Subtitle B or C, Title 3, or under similar laws of another state if the deposits of the savings association from another state are insured by the Federal Deposit Insurance Corporation; or
(B) organized as a federal savings and loan association or savings bank under the Home Owners’ Loan Act (12 U.S.C. § 1461 et seq.), as subsequently amended.