78th Texas Legislature, Regular Session, Senate Bill 1211, Chapter 1219 Page: 2 of 5
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S.B. No. 1211
1 of replacement cost coverage to be provided.
2 SECTION 2. Subsections (a) and (b), Section 307.052,
3 Finance Code, are amended to read as follows:
4 (a) A creditor who requires collateral protection insurance
5 that is paid for directly or indirectly by a debtor may place
6 collateral protection insurance if:
7 (1) the debtor has entered into a credit transaction
8 with the creditor for which a credit agreement exists;
9 (2) the credit agreement requires the debtor to
10 maintain insurance on the collateral; and
11 (3) a notice has been included in the credit agreement
12 or a separate document provided to the debtor at the time the credit
13 agreement is executed that states that:
14 (A) the debtor is required to:
15 (i) keep the collateral insured against
16 damage in the amount the creditor specifies [cqa-i- tc the- d b% '-s
17 indct]dnc to t; di-t-or1];
18 (ii) purchase the insurance from an insurer
19 that is authorized to do business in this state or an eligible
20 surplus lines insurer; and
21 (iii) name the creditor as the person to be
22 paid under the policy in the event of a loss;
23 (B) the debtor must, if required by the creditor,
24 deliver to the creditor a copy of the policy and proof of the
25 payment of premiums; and
26 (C) if the debtor fails to meet any requirement
27 listed in Paragraph (A) or (B), the creditor may obtain collateral2
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Texas. Legislature. Senate. 78th Texas Legislature, Regular Session, Senate Bill 1211, Chapter 1219, legislative document, June 20, 2003; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth159151/m1/2/: accessed April 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.