Texas Finance Code 345.068 – Bailment or Lease as Retail Installment Transaction
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Terms Used In Texas Finance Code 345.068
- 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
A bailment or lease is a retail installment transaction if the bailee or lessee:
(1) contracts to pay as compensation for the use of goods an amount that substantially equals or exceeds the value of those goods; and
(2) on full compliance with the bailment or lease is bound to become the owner of the goods or has the option to become the owner of the goods for no or nominal additional consideration.