Texas Insurance Code § 1153.155 Limits On Amount Of Credit Life Insurance

Sec. 1153.155. LIMITS ON AMOUNT OF CREDIT LIFE INSURANCE. (a) The initial amount of credit life insurance on a debtor may not exceed the total amount of debt repayable under the contract that evidences the credit transaction.

(b) If the debt is repayable in substantially equal installments, the amount of insurance may not at any time exceed the greater of the scheduled or actual unpaid amount of the debt under the contract.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.

Section: Previous  1153.105  1153.106  1153.107  1153.151  1153.152  1153.153  1153.154  1153.155  1153.156  1153.157  1153.158  1153.159  1153.160  1153.161  1153.201  Next

Last modified: September 28, 2016