HOUSE BILL 3072 |
HOUSE AUTHOR: Averitt |
EFFECTIVE: 08-30-99 |
SENATE SPONSOR: Brown, J. E. "Buster" |
House Bill 3072 amends the Finance Code to authorize the seller in a retail motor vehicle installment sale to pay off the amount owed on any vehicle owned by the buyer, including one used as a trade-in or one that has been declared a total loss by the buyer's insurer, and to finance repayment of that amount in the sales contract. The act also permits the seller to pay the buyer the net cash value of a trade-in vehicle after the amount owed on the vehicle has been retired.