Section 651.151 - Required Form and Contents of Premium Finance Agreement(a) A premium finance agreement must be in writing on a form approved by the commissioner.(b) A premium finance agreement must be dated and signed by the insured. An agreement may be signed on behalf of the insured by the insured's agent if: (1) the agreement contains policies for other than personal, family, or household purposes; and(2) the premiums for the policies exceed $1,000.(c) A premium finance agreement must contain:(1) the name and business address of the insurance agent or broker negotiating the related insurance contract;(2) the name and residence or business address of the insured as specified by the insured;(3) the name and business location of the insurance premium finance company to which payments are to be made;(4) a description of each insurance contract involved;(5) the amount of the premium for each insurance contract;(6) the total amount of the premiums for all insurance contracts;(7) the amount of any down payment;(8) the principal balance, which is the difference between the amounts under Subdivisions (6) and (7);(9) the total amount of the finance charge, which must describe each amount included and use the term "finance charge"; and(10) the balance payable by the insured, which is the sum of the amounts under Subdivisions (8) and (9).Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. 4/1/2005.