(a) A bailment or lease of a manufactured home is a credit transaction if the bailee or lessee:
- (1) agrees to pay as compensation for use of the manufactured home an amount that is substantially equal to or that exceeds the aggregate value of the property and services involved; and
- (2) on compliance with the agreement becomes the owner of the manufactured home or has the option to become the owner of the manufactured home, for nominal or no additional consideration.
- (b) A bailment or lease that the bailee or lessee may terminate at any time without penalty is not a credit transaction.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.