Texas Finance Code

§ 353.204 — INSURANCE STATEMENT

FI § 353.204Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 353. COMMERCIAL MOTOR VEHICLE INSTALLMENT SALES · Art. C. INSURANCE

Statute text

View on source

(a)If insurance is required in connection with a retail installment contract, the holder shall give to the retail buyer a written statement that clearly and conspicuously states that:

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

(2)the buyer as an option may furnish the required insurance through:

(A)an existing policy of insurance owned or controlled by the buyer; or

(B)an insurance policy obtained through an insurance company authorized to do business in this state.

(b)A statement under Subsection (a) may be provided with or as part of the retail installment contract or separately.

Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.