Texas Finance Code 347.206 – Requirements for Insurance Charge in Credit Transaction
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Finance Code 347.206
- Credit transaction: means :
(A) any sale, loan, or other transaction involving a retail purchase of a manufactured home and under which a person in a written agreement, including a credit sales contract or loan instrument, grants to another person a purchase money lien on the manufactured home to secure an extension of credit that is:
(i) subject to a finance charge; or
(ii) payable in more than four installments, not including a down payment; and
(B) a lease or bailment described by § 347. See Texas Finance Code 347.002 - Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
Insurance required by or included in a credit transaction must be written:
(1) at lawful rates;
(2) in accordance with the Insurance Code; and
(3) by a company authorized to do business in this state.