Sec. 303.502. APPLICABILITY OF CHAPTER 24, INSURANCE CODE. (a) Except as inconsistent with this chapter: (1) a person subject to Chapter 651 , Insurance Code, who contracts for, charges, or receives an interest rate authorized by this chapter remains subject to that chapter; and (2) a party to an insurance premium finance agreement, including an agreement for an open-end account, has all the rights provided by Chapter 651 , Insurance Code. (b) The licensing requirements of Chapter 342 do not apply to a transaction described by Subsection (a)(1). The penalty provisions of this title do not apply to a transaction described by Subsection (a)(1).
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