| (a) Purpose. The purpose of this section is to specify
the maximum documentary fee in a retail installment transaction for
the sale of a motorcycle, moped, all-terrain vehicle, boat, boat motor,
boat trailer, or towable recreational vehicle, as provided by Texas
Finance Code, §345.251.
(b) Definitions.
(1) All-terrain vehicle--Has the meaning provided by
Texas Transportation Code, §551A.001(1).
(2) Boat--A vessel, as described by Texas Parks and
Wildlife Code, §31.003(2).
(3) Boat motor--An outboard motor, as described by
Texas Parks and Wildlife Code, §31.003(13).
(4) Covered land vehicle--A motorcycle, moped, all-terrain
vehicle, boat trailer, or towable recreational vehicle.
(5) Covered watercraft--A boat or boat motor.
(6) Moped--Has the meaning provided by Texas Transportation
Code, §541.201(8).
(7) Motorcycle--Has the meaning provided by Texas Transportation
Code, §541.201(9).
(8) Retail installment contract--Has the meaning provided
by Texas Finance Code, §345.001(6) and refers to one or more
instruments entered into that evidence a secured or unsecured retail
installment transaction for the sale of goods under Texas Finance
Code, Chapter 345.
(9) Towable recreational vehicle--Has the meaning provided
by Texas Finance Code, §348.001(10-a).
(c) Contract for covered land vehicles only. For a
retail installment contract for the purchase of one or more covered
land vehicles, the reasonable maximum amount of the documentary fee
is $125.
(d) Contract for covered watercraft only. For a retail
installment contract for the purchase of one or more covered watercraft,
the reasonable maximum amount of the documentary fee is $125.
(e) Contract for both covered land vehicles and covered
watercraft. For a retail installment contract for the purchase of
one or more covered land vehicles and one or more covered watercraft,
the reasonable maximum amount of the documentary fee is $175.
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| Source Note: The provisions of this §86.201 adopted to be effective September 5, 2013, 38 TexReg 5706; amended to be effective November 7, 2019, 44 TexReg 6530; amended to be effective May 7, 2020, 45 TexReg 2830 |
