Sec. 651.152. OTHER REQUIRED CONTENTS. In addition to the items required by Section 651.151, a premium finance agreement must contain the following, as applicable:
(1) the finance charge expressed as an annual percentage rate, using the term "annual percentage rate";
(2) the number of installments required under the agreement;
(3) the amount of each installment expressed in dollars;
(4) the due date or period of each installment;
(5) the amount or method of computing the amount of any default or delinquency charge that is payable in the event of late payment; and
(6) the method of computing any unearned portion of the finance charge in the event of prepayment of the obligation.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.
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