Texas § FI.353.405 - OUTSTANDING BALANCE INFORMATION
Full text of Texas The Texas Constitution § FI.353.405 — OUTSTANDING BALANCE INFORMATION, with citation guidance and answers to common questions.
§ FI.353.405. OUTSTANDING BALANCE INFORMATION
OUTSTANDING BALANCE INFORMATION; PAYMENT IN FULL. (a) The holder of a retail installment contract who gives the retail buyer or the buyer's designee outstanding balance information relating to the contract is bound by that information and shall honor that information for a reasonable time. (b) If the retail buyer or the buyer's designee tenders to the holder as payment in full an amount derived from that outstanding balance information, the holder shall: (1) accept the amount as payment in full; and (2) release the holder's lien against the commercial vehicle within a reasonable time not later than the 10th day after the date on which the amount is tendered. (c) A retail seller must pay in full the outstanding balance of a vehicle traded in to the retail seller as part of the retail installment transaction not later than the 25th day after the date that: (1) the retail installment contract is signed by the retail buyer and the retail buyer receives delivery of the commercial vehicle; and (2) the retail seller receives delivery of the motor vehicle traded in and the necessary and appropriate documents to transfer title from the buyer. Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559 ), Sec. 17, eff. September 1, 2011.
Frequently Asked Questions About Texas § FI.353.405
What does The Texas Constitution § FI.353.405 cover?
Section FI.353.405 ("OUTSTANDING BALANCE INFORMATION") 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.353.405?
A common citation format is "The Texas Constitution § FI.353.405" (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.353.405 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.