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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS |
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Subtitle B. LOANS AND FINANCED TRANSACTIONS |
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Chapter 348. MOTOR VEHICLE INSTALLMENT SALES |
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Subchapter E. HOLDER'S RIGHTS, DUTIES, AND LIMITATIONS |
Sec. 348.408. OUTSTANDING BALANCE INFORMATION; PAYMENT IN FULL
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(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 motor 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 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 motor 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.