Sec. 348.203. MAXIMUM AMOUNT OF CREDIT LIFE AND CREDIT HEALTH AND ACCIDENT COVERAGE. (a) At any time the total amount of the policies of credit life insurance in force on one retail buyer on one retail installment contract may not exceed:
(1) the total amount repayable under the contract; and
(2) the greater of the scheduled or actual amount of unpaid indebtedness if the indebtedness is repayable in substantially equal installments.
(b) At any time the total amount of the policies of credit health and accident insurance in force on one retail buyer on one retail installment contract may not exceed the total amount payable under the contract, and the amount of each periodic indemnity payment may not exceed the scheduled periodic payment on the indebtedness.
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 348 - Motor Vehicle Installment Sales
Section 348.201. Property Insurance
Section 348.202. Credit Life and Credit Health and Accident Insurance
Section 348.203. Maximum Amount of Credit Life and Credit Health and Accident Coverage
Section 348.204. Insurance Statement
Section 348.205. Statement if Liability Insurance Not Included in Contract
Section 348.206. Insurance May Be Furnished by Buyer
Section 348.207. Buyer's Failure to Provide Evidence of Insurance
Section 348.209. Requirements for Including Insurance Cost in Contract
Section 348.210. Delivery of Insurance Document to Buyer
Section 348.211. Holder's Duty if Insurance Is Adjusted or Terminated
Section 348.212. Gain or Advantage From Insurance Not Additional Charge
Section 348.214. Effect of Adding Premium to Contract
Section 348.215. Financing Entity May Not Require Insurance From Particular Source