Texas Insurance Code

§ 556.102 — INSURANCE SALE WITH LOAN TRANSACTION

IN § 556.102Title 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

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(a)If insurance is offered or sold to a depository institution's customer in connection with a loan transaction by the depository institution, the insurance salesperson involved in that insurance transaction may not be involved in that loan transaction and may not be the person making that loan.

(b)This section does not apply to:

(1)a depository institution that has $40 million or less in total assets, as reported in the most recent Consolidated Report of Condition and Income by the Federal Financial Institutions Examination Council or any successor report required by federal or state law; or

(2)a credit life, credit disability, credit property, or involuntary unemployment insurance product that is:

(A)specifically authorized by this code;

(B)approved for sale in this state; and

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Legislative history

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.