Texas Finance Code 347.504 – Creditor’s Liability for Oral or Unsolicited Written Statement of Amount Owed
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Terms Used In Texas Finance Code 347.504
- 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 - Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
On a credit transaction a creditor is not liable for an oral statement of an amount owed or for a written statement of an amount owed that is not solicited by a debtor unless the statement:
(1) is made with a demand by a creditor that the consumer pay an amount that exceeds the amount authorized by this subtitle; or
(2) is contained in a solicitation to renew or refinance existing debt.