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Current as of January 01, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 348.203. Maximum Amount of Credit Life and Credit Health and Accident Coverage - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-348-203/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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