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Terms Used In Texas Finance Code 348.003

  • Contract: A legal written agreement that becomes binding when signed.
  • 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 transaction is not excluded as a retail installment transaction because:
(1) the retail seller arranges to transfer the retail buyer’s obligation;
(2) the amount of any charge in the transaction is determined by reference to a chart or other information furnished by a financing institution;
(3) a form for all or part of the retail installment contract is furnished by a financing institution; or
(4) the credit standing of the retail buyer is evaluated by a financing institution.