Sec. 651.151. REQUIRED FORM AND CONTENTS OF PREMIUM FINANCE AGREEMENT. (a) A premium finance agreement must be in writing on a form approved by the commissioner. (b) A premium finance agreement must be dated and signed by the insured. An agreement may be signed on behalf of the insured by the insured's agent if: (1) the agreement contains policies for other than personal, family, or household purposes; and (2) the premiums for the policies exceed $1,000. (c) A premium finance agreement must contain: (1) the name and business address of the insurance agent or broker negotiating the related insurance contract; (2) the name and residence or business address of the insured as specified by the insured; (3) the name and business location of the insurance premium finance company to which payments are to be made; (4) a description of each insurance contract involved; (5) the amount of the premium for each insurance contract; (6) the total amount of the premiums for all insurance contracts; (7) the amount of any down payment; (8) the principal balance, which is the difference between the amounts under Subdivisions (6) and (7); (9) the total amount of the finance charge, which must describe each amount included and use the term "finance charge"; and (10) the balance payable by the insured, which is the sum of the amounts under Subdivisions (8) and (9).
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.