Texas Finance Code 342.407 – Requirements for Including Insurance Charge in Contract
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Terms Used In Texas Finance Code 342.407
- Contract: A legal written agreement that becomes binding when signed.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
Insurance for which a charge is included in a loan contract 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.