Sec. 1201.151. REFUNDS. (a) Except as otherwise provided by this section, a retailer must refund a consumer's deposit not later than the 15th day after the date that a written request for the refund is received from the consumer.
(b) The deposit may be retained only if:
(1) the consumer specially orders from the manufacturer a manufactured home that is not in the retailer's inventory;
(2) the home conforms to the specifications of the special order and any representations made to the consumer;
(3) the consumer fails or refuses to accept delivery and installation of the home by the retailer; and
(4) the consumer was given conspicuous written notice of the requirements for retaining the deposit.
(c) The retailer may not retain more than five percent of the estimated cash price of the specially ordered home and must refund any amount that exceeds five percent.
(d) This section does not apply to:
(1) a deposit held in escrow in a real estate transaction; or
(2) money stated to be a down payment in an executed retail sales contract.
(e) A deposit becomes a down payment upon execution of a sales purchase contract. Thereafter, if the consumer exercises the consumer's three-day right of rescission in accordance with Section 1201.1521, the retailer shall, not later than the 15th day after the date of the rescission, refund to the consumer all money and other consideration received from the consumer, with only the allowable deduction for real property appraisal and title work expenses in accordance with Section 1201.1511.
(f) Retention of real property appraisal and title work expenses authorized by Subsection (e) is not allowed if the consumer exercises the right of rescission in accordance with 12 C.F.R. Section 1026.23.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003.
Amended by:
Acts 2005, 79th Leg., Ch. 1284 (H.B. 2438), Sec. 7, eff. June 18, 2005.
Acts 2007, 80th Leg., R.S., Ch. 863 (H.B. 1460), Sec. 17, eff. January 1, 2008.
Acts 2007, 80th Leg., R.S., Ch. 863 (H.B. 1460), Sec. 18, eff. January 1, 2008.
Acts 2017, 85th Leg., R.S., Ch. 408 (H.B. 2019), Sec. 15, eff. September 1, 2017.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.