Sec. 601.153. TRANSFER OF INDEBTEDNESS DURING CERTAIN PERIOD. A merchant may not negotiate, transfer, sell, or assign a note or other evidence of indebtedness to a finance company or other third party before midnight of the fifth business day after the date the contract pertaining to a consumer transaction was signed or the goods or services were purchased.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.
Structure Texas Statutes
Title 12 - Rights and Duties of Consumers and Merchants
Chapter 601 - Cancellation of Certain Consumer Transactions
Subchapter D. Prohibited Acts and Conduct by Merchant
Section 601.151. Confession of Judgment or Waiver of Rights
Section 601.152. Failure to Inform or Misrepresentation of Right to Cancel
Section 601.153. Transfer of Indebtedness During Certain Period
Section 601.154. Failure to Take Certain Actions Following Receipt of Notice of Cancellation