Section 303.502 - Applicability of Chapter 24, Insurance Code(a) Except as inconsistent with this chapter:(1) a person subject to Chapter 651, Insurance Code, who contracts for, charges, or receives an interest rate authorized by this chapter remains subject to that chapter; and(2) a party to an insurance premium finance agreement, including an agreement for an open-end account, has all the rights provided by Chapter 651, Insurance Code.(b) The licensing requirements of Chapter 342 do not apply to a transaction described by Subsection (a)(1). The penalty provisions of this title do not apply to a transaction described by Subsection (a)(1).Amended By Acts 2005, 79th Leg., Ch. 728, Sec. 11.114, eff. 9/1/2005.Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. 9/1/1999.