Tex. Insurance Code § 651.109
This is the official text of Tex. Insurance Code § 651.109, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 651.109. LIMITATIONS ON RATES AND CHARGES.
Official statutory text
(a) An insurance premium finance company may not take or receive from an insured a greater rate or charge than is authorized by Chapter 342, Finance Code.
(b) For purposes of this section, a charge begins on the earlier of:
(1) the date from which the insurer requires payment of the premium and payment was made to the insurer for the financed policy; or
(2) the effective date of the policy.
(c) The finance charge is computed on the balance of the premiums due after subtracting any down payment made by the insured in accordance with the premium finance agreement.
(b) For purposes of this section, a charge begins on the earlier of:
(1) the date from which the insurer requires payment of the premium and payment was made to the insurer for the financed policy; or
(2) the effective date of the policy.
(c) The finance charge is computed on the balance of the premiums due after subtracting any down payment made by the insured in accordance with the premium finance agreement.
Status: in_force · Read it on the official government site
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