Texas Occupations Code 2301.254 – License Not Required for Certain Vehicle Lessors or Vehicle Lease Facilitators
Current as of: 2024 | Check for updates
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(a) A person is not required to obtain a license to act as a vehicle lessor or a vehicle lease facilitator if the person is:
(1) a state or federally chartered financial institution or a regulated subsidiary of the financial institution; or
(2) a trust or other entity that owns an interest in a vehicle lease and the vehicle that is the subject of the lease, if the lease covering the vehicle is initiated, managed, serviced, and administered by a licensed vehicle lessor.
(b) A franchised dealer is not required to have a vehicle lessor or vehicle lease facilitator license to engage in any capacity in the business of leasing a motor vehicle that the dealer owns and is licensed under this chapter to sell.
Terms Used In Texas Occupations Code 2301.254
- 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
- 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