Tex. Finance Code § 345.205
This is the official text of Tex. Finance Code § 345.205, part of Texas’s Finance Code — regulates banks and other financial institutions.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§ 345.205. INSURANCE MAY BE FURNISHED BY BUYER.
Official statutory text
(a) If insurance is requested or required in connection with a retail installment contract or retail charge agreement and the retail installment contract or retail charge agreement includes a premium or rate of charge that is not fixed or approved by the commissioner of insurance, the retail buyer is entitled to furnish the insurance coverage not later than the 10th day after the date of the contract or agreement or the delivery or mailing of the written statement required under Section 345.204, as appropriate, through:
(1) an existing insurance policy owned or controlled by the buyer; or
(2) an insurance policy obtained from an insurance company authorized to do business in this state.
(b) When a retail installment contract or retail charge agreement is executed, the retail buyer is entitled to purchase the insurance described by Section 345.201, 345.202, or 345.207 and select:
(1) the agent or broker; and
(2) an insurance company acceptable to the holder.
(1) an existing insurance policy owned or controlled by the buyer; or
(2) an insurance policy obtained from an insurance company authorized to do business in this state.
(b) When a retail installment contract or retail charge agreement is executed, the retail buyer is entitled to purchase the insurance described by Section 345.201, 345.202, or 345.207 and select:
(1) the agent or broker; and
(2) an insurance company acceptable to the holder.
Status: in_force · Read it on the official government site
Need a lawyer in Texas?
Find a Texas lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.