Texas § 651.008 AUTHORITY OF CERTAIN PROPERTY AND CASUALTY AGENTS TO CHARGE INTEREST TO CERTAIN PERSONS.

Texas Statutes

§ 651.008 — AUTHORITY OF CERTAIN PROPERTY AND CASUALTY AGENTS TO CHARGE INTEREST TO CERTAIN PERSONS.

Texas § 651.008

Code INInsurance Code

This text of Texas § 651.008 (AUTHORITY OF CERTAIN PROPERTY AND CASUALTY AGENTS TO CHARGE INTEREST TO CERTAIN PERSONS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 651.008 (2026).

Text

Sec. 651.008. AUTHORITY OF CERTAIN PROPERTY AND CASUALTY AGENTS TO CHARGE INTEREST TO CERTAIN PERSONS.

(a)Notwithstanding any other law, a general property and casualty agent or a personal lines property and casualty agent who holds a license under Chapter 4051 may enter into a written agreement with a purchaser of insurance from the agent that provides for the payment of interest to the agent on any amount due to the agent for the insurance purchased. The interest is computed at a rate not to exceed the greater of:

(1)a rate allowed by Chapter 303 , Finance Code; or

(2)the rate of one percent a month.

(b)A claim or defense of usury may not be raised in connection with a written agreement under this section. SUBCHAPTER B. AUTHORITY TO ENGAGE IN BUSINESS

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Sec. 651.008. AUTHORITY OF CERTAIN PROPERTY AND CASUALTY AGENTS TO CHARGE INTEREST TO CERTAIN PERSONS. (a) Notwithstanding any other law, a general property and casualty agent or a personal lines property and casualty agent who holds a license under Chapter 4051 may enter into a written agreement with a purchaser of insurance from the agent that provides for the payment of interest to the agent on any amount due to the agent for the insurance purchased. The interest is computed at a rate not to exceed the greater of:
(1) a rate allowed by Chapter 303 , Finance Code; or
(2) the rate of one percent a month.
(b) A claim or defense of usury may not be raised in connection with a written agreement under this section.
SUBCHAPTER B. AUTHORITY TO ENGAGE IN BUSINESS

Legislative History

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005. Amended by: Acts 2007, 80th Leg., R.S., Ch. 548 (S.B. 1263 ), Sec. 2.06, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 548 (S.B. 1263 ), Sec. 2.07, eff. September 1, 2007.