Texas § FI.347.003 - BAILMENT OR LEASE AS CREDIT TRANSACTION
Full text of Texas The Texas Constitution § FI.347.003 — BAILMENT OR LEASE AS CREDIT TRANSACTION, with citation guidance and answers to common questions.
§ FI.347.003. BAILMENT OR LEASE AS CREDIT TRANSACTION
BAILMENT OR LEASE AS CREDIT TRANSACTION. (a) A bailment or lease of a manufactured home is a credit transaction if the bailee or lessee: (1) agrees to pay as compensation for use of the manufactured home an amount that is substantially equal to or that exceeds the aggregate value of the property and services involved; and (2) on compliance with the agreement becomes the owner of the manufactured home or has the option to become the owner of the manufactured home, for nominal or no additional consideration. (b) A bailment or lease that the bailee or lessee may terminate at any time without penalty is not a credit transaction. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.347.003
What does The Texas Constitution § FI.347.003 cover?
Section FI.347.003 ("BAILMENT OR LEASE AS CREDIT TRANSACTION") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.347.003?
A common citation format is "The Texas Constitution § FI.347.003" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.347.003 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.