Sec. 347.202. STATEMENT OF REQUIRED INSURANCE. (a) If insurance is required in connection with a credit transaction, the creditor shall give to the consumer a statement that clearly and conspicuously states that:
(1) insurance is required in connection with the transaction; and
(2) the consumer as an option may obtain and furnish equivalent insurance coverage through an insurance policy obtained from an insurance company authorized to do business in this state subject to the limitations of Section 347.208.
(b) The statement may be made with or be a part of the credit document.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Subtitle B - Loans and Financed Transactions
Chapter 347 - Manufactured Home Credit Transactions
Section 347.201. Property Insurance
Section 347.202. Statement of Required Insurance
Section 347.203. Consumer's Failure to Obtain Required Insurance
Section 347.204. Purchase of Additional Insurance After Date of Credit Document
Section 347.205. Statement for Purchase of Optional Insurance
Section 347.206. Requirements for Insurance Charge in Credit Transaction
Section 347.207. Insurance Disclosures in Credit Document
Section 347.208. Creditor May Refuse to Accept Policy
Section 347.209. Creditor's Duty if Insurance Is Canceled, Adjusted, or Terminated
Section 347.210. Single Interest Policy Prohibited
Section 347.211. Gain or Advantage From Insurance Not Charge