Tex. Ins. Code § 651.151 · Subchapter D. PREMIUM FINANCE AGREEMENTS
REQUIRED FORM AND CONTENTS OF PREMIUM FINANCE AGREEMENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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).
Notes and commentary — not statutory text
History
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.651.htm
- Text hash
- sha256 8477e7dd7c46ed83596fe4f71655b7b6162b65c77716c41837e714d23a85e8f5
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 2 provisions
Provisions in this library whose text cites Tex. Ins. Code § 651.151. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.