Texas Insurance Code
§ 556.101 — PROHIBITION ON CERTAIN REFERRALS OR SOLICITATIONS TO PURCHASE INSURANCE
IN § 556.101Title 5. PROTECTION OF CONSUMER INTERESTS · Part C. DECEPTIVE, UNFAIR, AND PROHIBITED PRACTICES · Ch. 556. UNFAIR METHODS OF COMPETITION AND UNFAIR PRACTICES BY FINANCIAL INSTITUTIONS · Art. C. REGULATION OF PRACTICES
Statute text
View on source(a)An individual who is an employee or agent of a depository institution or a subsidiary or affiliate of a depository institution may not directly or indirectly make a referral related to insurance to, or solicit the purchase of any insurance by, a customer knowing that the customer has applied for a loan or other extension of credit from a financial institution, before:
(1)the customer receives a written commitment relating to that loan or extension of credit; or
(2)if a written commitment has not been or will not be issued in connection with the loan or extension of credit, the customer receives notification of approval of that loan or extension of credit by the financial institution and the financial institution creates a written record of the approval.
(b)This section does not prohibit a depository institution from:
(1)informing a customer that insurance is required in connection with a loan;
(2)contacting a person in the course of a direct or mass mailing to a group of persons in a manner that is not related to the person's loan application or credit decision; or
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Legislative history
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.