Sec. 348.204. INSURANCE STATEMENT. (a) If insurance is required in connection with a retail installment contract, the holder shall give to the retail buyer a written statement that clearly and conspicuously states that:
(1) insurance is required in connection with the contract; and
(2) the buyer as an option may furnish the required insurance through:
(A) an existing policy of insurance owned or controlled by the buyer; or
(B) an insurance policy obtained through an insurance company authorized to do business in this state.
(b) If requested or required insurance is sold or obtained by the holder and the retail installment contract includes a premium or rate of charge for the insurance that is not fixed or approved by the commissioner of insurance, the holder shall deliver or mail to the retail buyer a written statement that includes that fact.
(c) A statement under Subsection (a) or (b) may be provided with or as part of the retail installment contract or separately.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
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