Sec. 353.203. 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.
Added by Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 17, eff. September 1, 2011.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Subtitle B - Loans and Financed Transactions
Chapter 353 - Commercial Motor Vehicle Installment Sales
Section 353.201. Property Insurance
Section 353.202. Credit Life and Credit Health and Accident Insurance
Section 353.203. Maximum Amount of Credit Life and Credit Health and Accident Coverage
Section 353.204. Insurance Statement
Section 353.205. Statement if Liability Insurance Not Included in Contract
Section 353.206. Buyer's Failure to Provide Evidence of Insurance
Section 353.208. Holder's Duty if Insurance Is Adjusted or Terminated
Section 353.209. Gain or Advantage From Insurance Not Additional Charge
Section 353.211. Effect of Adding Premium to Contract
Section 353.212. Financing Entity May Not Require Insurance From Particular Source