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Can you summarize Tex. Fin. Chapter 345?
LOANS AND FINANCED TRANSACTIONS > RETAIL INSTALLMENT SALES
Short Summary
This document, part of the Texas Statutes Finance Code, regulates various aspects of retail installment sales. It defines key terms such as ‘credit card issuer,’ ‘holder,’ ‘retail buyer,’ ‘retail charge agreement,’ ‘retail credit card arrangement,’ ‘retail installment contract,’ ‘retail installment transaction,’ and ‘retail seller.’ The document specifies that it applies to retail buyers, retail sellers, credit card issuers, and holders of retail installment contracts and retail charge agreements. However, certain entities such as banks, savings associations, credit unions, licensed persons under Chapter 342, and those engaged in lending money for personal, family, or household purposes are exempted. The document does not mention specific penalties for non-compliance or violation. Overall, it provides a framework for regulating retail installment sales in Texas.
Whom does it apply to?
This document applies to retail buyers, retail sellers, credit card issuers, and holders of retail installment contracts and retail charge agreements.
What does it govern?
This document regulates various aspects of retail installment sales, including the definition of key terms, the application of the regulations to specific entities, and the exemption of certain entities from the regulations.
What are exemptions?
Banks, savings associations, credit unions, licensed persons under Chapter 342, and those engaged in lending money for personal, family, or household purposes are exempted from the regulations.
What are the Penalties?
The document does not mention specific penalties for non-compliance or violation.
Jurisdiction
Texas