Texas Finance Code

§ 347.202 — STATEMENT OF REQUIRED INSURANCE

FI § 347.202Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 347. MANUFACTURED HOME CREDIT TRANSACTIONS · Art. E. INSURANCE

Statute text

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(a)If insurance is required in connection with a credit transaction, the creditor shall give to the consumer a statement that clearly and conspicuously states that:

(1)insurance is required in connection with the transaction; and

(2)the consumer as an option may obtain and furnish equivalent insurance coverage through an insurance policy obtained from an insurance company authorized to do business in this state subject to the limitations of Section 347.208.

(b)The statement may be made with or be a part of the credit document.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.