Texas Finance Code
§ 345.204 — INSURANCE STATEMENT
FI § 345.204Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 345. RETAIL INSTALLMENT SALES · Art. E. INSURANCE
Statute text
View on source(a)If insurance is required in connection with a retail installment contract or retail charge agreement, the holder shall give to the retail buyer a statement that clearly and conspicuously states that:
(1)insurance is required in connection with the contract or agreement; and
(2)the buyer as an option may furnish the insurance through:
(A)an existing policy of insurance owned or controlled by the buyer; or
(B)an insurance policy obtained from an insurance company authorized to do business in this state.
(b)If requested or required insurance is sold or obtained by the holder and the retail installment contract or retail charge agreement includes a premium or rate of charge that is not fixed or approved by the commissioner of insurance, the holder shall deliver or mail to the retail buyer a written statement that includes that fact.
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.