Texas § FI.348.124 - DEBT CANCELLATION AGREEMENTS
Full text of Texas The Texas Constitution § FI.348.124 — DEBT CANCELLATION AGREEMENTS, with citation guidance and answers to common questions.
§ FI.348.124. DEBT CANCELLATION AGREEMENTS
DEBT CANCELLATION AGREEMENTS. (a) In connection with a retail installment transaction under this chapter, a retail seller may offer to the retail buyer a debt cancellation agreement, including a guaranteed asset protection waiver or similarly named agreement. If the retail installment transaction requires insurance coverage as part of the retail buyer's responsibility to the holder, the debt cancellation agreement, guaranteed asset protection waiver, or similarly named agreement must be offered under Chapter 354 . The retail seller may not require that the purchase of a debt cancellation agreement by the retail buyer be made in order to enter into a retail installment transaction. (b) A debt cancellation agreement is not considered an insurance product. (c) The amount charged for a debt cancellation agreement made in connection with a retail installment contract must be reasonable. (d) In addition to other disclosures required by state or federal law, the retail seller shall provide to the retail buyer a separate notice in connection with the retail installment contract stating that the retail buyer is not required to accept or provide a debt cancellation agreement in order to purchase the motor vehicle under a retail installment contract. Added by Acts 2009, 81st Leg., R.S., Ch. 149 (S.B. 1966 ), Sec. 3, eff. September 1, 2009. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1034 (H.B. 2931 ), Sec. 1, eff. September 1, 2011. Acts 2017, 85th Leg., R.S., Ch. 183 (S.B. 1052 ), Sec. 4, eff. September 1, 2017.
Frequently Asked Questions About Texas § FI.348.124
What does The Texas Constitution § FI.348.124 cover?
Section FI.348.124 ("DEBT CANCELLATION AGREEMENTS") 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.348.124?
A common citation format is "The Texas Constitution § FI.348.124" (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.348.124 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.