If a Texas Finance Code, Chapter 342 loan provides for the purchase of insurance by the borrower from the lender, the lender must furnish to the borrower, within 30 days of the date of the loan, a properly executed policy or certificate of insurance. The policy or certificate of insurance must clearly set forth: (1) the amount of the premium; (2) the kind of insurance provided; (3) the coverage of the insurance; and (4) all terms, including options, limitations, restrictions and conditions of the insurance that has been purchased. |
