Texas Finance Code 346.201 – Insurance; Collateral
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 346.201
- Contract: A legal written agreement that becomes binding when signed.
- Personal property: All property that is not real property.
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
In connection with a revolving credit account, a creditor may require or take insurance subject to the provisions of Chapter 342, relating to insurance, as if the revolving credit account were a loan contract under that chapter. A creditor may require or take real or personal property as collateral.