Tex. Fin. Code Section 339.003
Sale of Open-end Account Without Merchant Discount

A seller or lessor may sell an open-end account credit agreement described by Section 339.002 (Billing Cycle Interest Limitation on Open-end Account Without Merchant Discount)(a) or any balance under that agreement to a purchaser who purchases a substantial part of the seller’s or lessor’s open-end account credit agreements or balances under those agreements in accordance with Subchapter G, Chapter 345 (Retail Installment Sales). A charge, fee, or discount on that sale:

(1)

is not a merchant discount;

(2)

does not disqualify the open-end account credit agreement or a balance under that agreement from being subject to Chapter 303 (Optional Rate Ceilings) or from coverage under this section; and

(3)

does not subject the account to the limitations provided by Section 303.006 (Quarterly Ceiling)(c).
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.

Source: Section 339.003 — Sale of Open-end Account Without Merchant Discount, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­339.­htm#339.­003 (accessed May 18, 2024).

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Accessed:
May 18, 2024

§ 339.003’s source at texas​.gov