SUBCHAPTER U. LENDER LIABILITY

Sec. 361.701.  DEFINITIONS.  In this subchapter:
(1)  "Extension of credit" includes a lease finance transaction:
(A)  in which the lessor does not initially select the leased solid waste facility and does not during the lease term control the daily operations or maintenance of the solid waste facility;  or
(B)  that conforms with, as appropriate, regulations issued by:
(i)  the appropriate federal banking agency or the appropriate state bank supervisor, as those terms are defined by Section 3, Federal Deposit Insurance Act (12 U.S.C. Section 1813);  or
(ii)  the National Credit Union Administration Board.
(2)  "Financial or administrative function" includes a function such as a function of a credit manager, accounts payable officer, accounts receivable officer, personnel manager, comptroller, or chief financial officer, or a similar function.
(3)  "Foreclosure" and "foreclose" mean, respectively, acquiring, and to acquire, a solid waste facility through:
(A)  purchase at sale under a judgment or decree, power of sale, or nonjudicial foreclosure sale;
(B)  a deed in lieu of foreclosure, or similar conveyance from a trustee;
(C)  repossession, if the solid waste facility was security for an extension of credit previously contracted;
(D)  conveyance under an extension of credit previously contracted, including the termination of a lease agreement;  or
(E)  any other formal or informal manner by which the person acquires, for subsequent disposition, title to or possession of a solid waste facility in order to protect the security interest of the person.
(4)  "Lender" means:
(A)  an insured depository institution, as that term is defined by Section 3, Federal Deposit Insurance Act (12 U.S.C. Section 1813);
(B)  an insured credit union, as that term is defined by Section 101, Federal Credit Union Act (12 U.S.C. Section 1752);
(C)  a bank or association chartered under the Farm Credit Act of 1971 (12 U.S.C. Section 2001 et seq.);
(D)  a leasing or trust company that is an affiliate of an insured depository institution;
(E)  any person, including a successor or assignee of any such person, that makes a bona fide extension of credit to or takes or acquires a security interest from a nonaffiliated person;
(F)  the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Agricultural Mortgage Corporation, or any other entity that in a bona fide manner buys or sells loans or interests in loans;
(G)  a person that insures or guarantees against a default in the repayment of an extension of credit, or acts as a surety with respect to an extension of credit, to a nonaffiliated person;
(H)  a person that provides title insurance and that acquires a solid waste facility as a result of assignment or conveyance in the course of underwriting claims and claims settlement;  and
(I)  an agency of this state that makes an extension of credit to or acquires a security interest from:
(i)  a federal or state agency;
(ii)  a county, municipality, or other body politic or corporate of this state, including:
(a)  a district or authority created under Section 52, Article III, or Section 59, Article XVI, Texas Constitution;
(b)  an interstate compact commission to which this state is a party;  or
(c)  a nonprofit water supply corporation created and operating under Chapter 67, Water Code;  or
(iii)  another person.
(5)  "Operational function" includes a function such as that of a facility or plant manager, operations manager, chief operating officer, or chief executive officer.
(6)  "Security interest" includes a right under a mortgage, deed of trust, assignment, judgment lien, pledge, security agreement, factoring agreement, or lease and any other right accruing to a person to secure the repayment of money, the performance of a duty, or any other obligation by a nonaffiliated person.
(7)  "Solid waste facility":
(A)  means:
(i)  all contiguous land, including structures, appurtenances, and other improvements on the land, used for processing, storing, or disposing of solid waste, including a publicly or privately owned solid waste facility consisting of several processing, storage, or disposal operational units such as one or more landfills, surface impoundments, or a combination of units;  and
(ii)  any building, structure, installation, equipment, pipe, or pipeline, including any pipe into a sewer or publicly owned treatment works, well, pit, pond, lagoon, impoundment, ditch, landfill, storage container, motor vehicle, rolling stock, or aircraft, or any site or area where a hazardous substance has been deposited, stored, disposed of, placed, or otherwise come to be located;  and
(B)  does not include a:
(i)  consumer product in consumer use;  or
(ii)  vessel.
Added by Acts 1997, 75th Leg., ch. 793, Sec. 15, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 18.30, eff. Sept. 1, 1999.