Texas § FI.353.003 - BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION
Full text of Texas The Texas Constitution § FI.353.003 — BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION, with citation guidance and answers to common questions.
§ FI.353.003. BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION
BAILMENT OR LEASE AS RETAIL INSTALLMENT TRANSACTION. (a) A bailment or lease of a commercial vehicle is a retail installment transaction if the bailee or lessee: (1) contracts to pay as compensation for use of the vehicle an amount that is substantially equal to or exceeds the value of the vehicle; and (2) on full compliance with the bailment or lease is bound to become the owner or, for no or nominal additional consideration, has the option to become the owner of the vehicle. (b) An agreement for the lease of a commercial vehicle does not create a retail installment transaction by merely providing that the rental price is permitted or required to be adjusted under the agreement as determined by the amount realized on the sale or other disposition of the vehicle, as provided by Section 501.112 , Transportation Code. Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559 ), Sec. 17, eff. September 1, 2011.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § FI.353.003
What does The Texas Constitution § FI.353.003 cover?
Section FI.353.003 ("BAILMENT OR LEASE AS RETAIL INSTALLMENT 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.353.003?
A common citation format is "The Texas Constitution § FI.353.003" (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.353.003 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.