Texas Finance Code 347.207 – Insurance Disclosures in Credit Document
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Terms Used In Texas Finance Code 347.207
- Credit document: means a written instrument evidencing a credit transaction and includes all written agreements between each consumer and creditor that relate to that transaction. See Texas Finance Code 347.002
- 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
A credit document must disclose:
(1) the term, premium, and type of insurance the cost of which is included in the unpaid balance of the credit transaction; or
(2) the term and type of insurance required in accordance with this chapter if the cost of the insurance is not included in the unpaid balance.