Sec. 651.109. LIMITATIONS ON RATES AND CHARGES. (a) An insurance premium finance company may not take or receive from an insured a greater rate or charge than is authorized by Chapter 342, Finance Code.
(b) For purposes of this section, a charge begins on the earlier of:
(1) the date from which the insurer requires payment of the premium and payment was made to the insurer for the financed policy; or
(2) the effective date of the policy.
(c) The finance charge is computed on the balance of the premiums due after subtracting any down payment made by the insured in accordance with the premium finance agreement.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.
Structure Texas Statutes
Title 5 - Protection of Consumer Interests
Subtitle E - Premium Financing
Chapter 651 - Financing of Insurance Premiums
Subchapter C. Regulation of Insurance Premium
Section 651.101. Books, Accounts, and Records
Section 651.102. Annual Report
Section 651.103. Business Name
Section 651.104. Business Location
Section 651.105. Relocation of Place of Business
Section 651.106. Business Premises
Section 651.107. Engaging in Business by Mail or Outside the Community
Section 651.108. Certain Charges Prohibited
Section 651.109. Limitations on Rates and Charges
Section 651.110. Limitations on Certain Inducements or Sharing of Profits and Fees