Texas § IN.1116.002 - RESCISSION PERIOD REQUIRED
Full text of Texas The Texas Constitution § IN.1116.002 — RESCISSION PERIOD REQUIRED, with citation guidance and answers to common questions.
§ IN.1116.002. RESCISSION PERIOD REQUIRED
RESCISSION PERIOD REQUIRED. (a) A fixed annuity contract must provide that, for a period of at least 20 days after the date the contract is delivered, the purchaser may rescind the contract and receive an unconditional refund of premiums paid for the contract, including any contract fees or charges. (b) Except as provided by Subsection (c), a variable or modified guaranteed annuity contract must provide that, for a period of at least 20 days after the date the contract is delivered, the purchaser may rescind the contract and receive an unconditional refund that is equal to the cash surrender value provided in the contract plus any fees or charges deducted from the premiums or imposed under the contract. (c) Subsection (b) does not apply to an annuity contract if the prospective owner is an accredited investor, as defined by 17 C.F.R. Section 230.501(a) as adopted by the United States Securities and Exchange Commission. Added by Acts 2011, 82nd Leg., R.S., Ch. 77 (H.B. 1032 ), Sec. 1, eff. September 1, 2011.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § IN.1116.002
What does The Texas Constitution § IN.1116.002 cover?
Section IN.1116.002 ("RESCISSION PERIOD REQUIRED") 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 § IN.1116.002?
A common citation format is "The Texas Constitution § IN.1116.002" (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 § IN.1116.002 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.