Texas Finance Code

§ 303.502 — APPLICABILITY OF CHAPTER 24, INSURANCE CODE

FI § 303.502Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part A. INTEREST · Ch. 303. OPTIONAL RATE CEILINGS · Art. F. EFFECT ON OTHER STATUTES OF USING OPTIONAL RATE

Statute text

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(a)Except as inconsistent with this chapter:

(1)a person subject to Chapter 651, Insurance Code, who contracts for, charges, or receives an interest rate authorized by this chapter remains subject to that chapter; and

(2)a party to an insurance premium finance agreement, including an agreement for an open-end account, has all the rights provided by Chapter 651, Insurance Code.

(b)The licensing requirements of Chapter 342 do not apply to a transaction described by Subsection (a)(1). The penalty provisions of this title do not apply to a transaction described by Subsection (a)(1). Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999. Amended by:

Legislative history

Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.114, eff. September 1, 2005.