Texas § FI.342.403 - MAXIMUM AMOUNT OF INSURANCE COVERAGE
Full text of Texas The Texas Constitution § FI.342.403 — MAXIMUM AMOUNT OF INSURANCE COVERAGE, with citation guidance and answers to common questions.
§ FI.342.403. MAXIMUM AMOUNT OF INSURANCE COVERAGE
MAXIMUM AMOUNT OF INSURANCE COVERAGE. (a) At any time the total amount of the policies of credit life insurance in force on one borrower on one loan contract may not exceed the greater of: (1) the total amount repayable under the loan contract if the loan is an irregular transaction; or (2) the greater of the scheduled or actual amount of unpaid indebtedness if the loan is a regular transaction. (b) At any time the total amount of the policies of credit accident and health insurance or involuntary unemployment insurance in force on one borrower on one loan contract may not exceed the total amount repayable under the loan contract, and the amount of each periodic indemnity payment may not exceed the scheduled periodic installment payment on the loan. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.
Frequently Asked Questions About Texas § FI.342.403
What does The Texas Constitution § FI.342.403 cover?
Section FI.342.403 ("MAXIMUM AMOUNT OF INSURANCE COVERAGE") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.342.403?
A common citation format is "The Texas Constitution § FI.342.403" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.342.403 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.