Texas Finance Code 347.308 – Fee for Transfer of Obligor On Debt
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Terms Used In Texas Finance Code 347.308
- 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 - 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.
A creditor may:
(1) agree to accept a subsequent consumer as an obligor under an existing obligation; and
(2) charge a transfer fee that does not exceed the greater of:
(A) $50; or
(B) one-half of one percent of the unpaid balance of the credit transaction computed under § 347.155.