reglab/housing_qa huggingface dataset:
TX Ins Code § 548.101 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 548 - Insurer Insider Trading and Proxy Regulation|Subchapter B. Required Acts; Prohibitions|Section 548.101. Definition

Sec. 548.101.  DEFINITION.  In this subchapter, "insider" means a person who:(1)  is directly or indirectly the beneficial owner of more than 10 percent of any class of an equity security of a domestic stock insurer, other than an exempt security;  or(2)  is a director or officer of a domestic stock insurer.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 548.102 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 548 - Insurer Insider Trading and Proxy Regulation|Subchapter B. Required Acts; Prohibitions|Section 548.102. Statement of Beneficial Ownership of Equity Securities

Sec. 548.102.  STATEMENT OF BENEFICIAL OWNERSHIP OF EQUITY SECURITIES.  (a)  Not later than the 10th day after the date a person becomes an insider, the insider shall file with the department a statement of the amount of all equity securities of the insurer of which the insider is a beneficial owner.(b)  If in any month a change occurs in the amount of the equity securities of which the insider is a beneficial owner, the insider shall file with the department not later than the 10th day of the following month a statement that indicates:(1)  the amount of all equity securities of which the insider is a beneficial owner as of the end of that month;  and(2)  the changes in the insider's ownership that occurred in that month.(c)  A statement under this section must be in the form prescribed by the department.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 548.103 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 548 - Insurer Insider Trading and Proxy Regulation|Subchapter B. Required Acts; Prohibitions|Section 548.103. Recovery of Certain Profits

Sec. 548.103.  RECOVERY OF CERTAIN PROFITS.  (a)  The purpose of this section is to prevent the unfair use of information that may be obtained by an insider because of the insider's relationship with the domestic stock insurer.(b)  Any profit realized by the insider from the purchase and sale or from the sale and purchase of an equity security of the domestic stock insurer within a period of less than six months inures to and is recoverable by the insurer.(c)  A suit to recover the profit must be brought not later than the second anniversary of the date the profit is realized.  The suit may be instituted at law or in equity by:(1)  the domestic stock insurer;  or(2)  the owner of any security of the domestic stock insurer, in the name of and in behalf of the insurer, if the insurer does not:(A)  bring suit not later than the 60th day after the date a request is made;  or(B)  diligently prosecute a suit that is timely brought by the insurer.(d)  Subsection (b) applies regardless of whether:(1)  the insider intended to hold the equity security purchased for longer than six months;  or(2)  the insider did not intend to repurchase the sold equity security during the six-month period following the date the insider sold the equity security.(e)  Subsection (b) does not apply to:(1)  a transaction in which an equity security was acquired in good faith in connection with a previously contracted debt;(2)  a transaction in which the beneficial owner of an equity security was not the beneficial owner at both the time of the purchase and the time of the sale, or the sale and purchase, of the security involved;(3)  a transaction involving an exempt security;(4)  a transaction that the commissioner by rule exempts from this section because it is beyond the scope of the purpose of this section;  or(5)  a transaction involving an equity security of a domestic stock insurer that is not held by a dealer in an investment account if the transaction:(A)  is in the ordinary course of the dealer's business;  and(B)  is incident to the establishment or maintenance by the dealer of a primary or secondary market, other than on an exchange, as defined by the federal Securities Exchange Act, for the security.(f)  The commissioner may adopt rules the commissioner considers necessary or appropriate in the public interest to define and prescribe terms and conditions with respect to a security held in an investment account and a transaction made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 548.104 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 548 - Insurer Insider Trading and Proxy Regulation|Subchapter B. Required Acts; Prohibitions|Section 548.104. Sale or Nondelivery of Certain Equity Securities Prohibited

Sec. 548.104.  SALE OR NONDELIVERY OF CERTAIN EQUITY SECURITIES PROHIBITED.  (a)  An insider may not directly or indirectly sell an equity security of the domestic stock insurer if the insider selling the security or the insider's principal:(1)  does not own the security;  or(2)  owns the security, but does not:(A)  deliver the security before the 21st day after the date of the sale;  or(B)  deposit the security in the mail or another usual channel of transportation before the sixth day after the date of the sale.(b)  An insider is not considered to have violated Subsection (a)(2) if the insider proves that:(1)  notwithstanding the exercise of good faith, the insider was unable to make a timely delivery or deposit;  or(2)  to make a timely delivery or deposit would cause undue inconvenience or expense.(c)  Subsection (a) does not apply to the sale of:(1)  an exempt security;  or(2)  an equity security of a domestic stock insurer that is not held by a dealer in an investment account if the sale:(A)  is in the ordinary course of the dealer's business;  and(B)  is incident to the establishment or maintenance by the dealer of a primary or secondary market, other than on an exchange, as defined by the federal Securities Exchange Act, for the security.(d)  The commissioner may adopt rules implementing Subsection (c) in the manner prescribed by Section 548.103(f).|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 548.105 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 548 - Insurer Insider Trading and Proxy Regulation|Subchapter B. Required Acts; Prohibitions|Section 548.105. Certain Solicitations Prohibited; Disclosure by Insurer

Sec. 548.105.  CERTAIN SOLICITATIONS PROHIBITED;  DISCLOSURE BY INSURER.  (a)  A person, in violation of any rule adopted by the commissioner under this section, may not solicit or permit the use of the person's name to solicit a proxy, consent, or authorization with respect to an equity security, other than an exempt security, of a domestic stock insurer that is not listed on a national securities exchange registered as such under the federal Securities Exchange Act.(b)  Unless before an annual or other meeting a proxy, consent, or authorization with respect to a security of a domestic stock insurer covered by Subsection (a) is solicited by or on behalf of the management of the insurer from a holder of record of the security in compliance with rules adopted by the commissioner under this section, the insurer shall, in accordance with rules adopted by the commissioner, file with the department information substantially equivalent to the information that would be required to be sent if a solicitation were made.  The insurer shall send the information to each holder of record of the security.(c)  The commissioner may adopt rules to implement this section that the commissioner considers necessary or appropriate in the public interest or for the protection of investors.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 548.106 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 548 - Insurer Insider Trading and Proxy Regulation|Subchapter B. Required Acts; Prohibitions|Section 548.106. Nonapplicability of Subchapter

Sec. 548.106.  NONAPPLICABILITY OF SUBCHAPTER.  (a)  This subchapter does not apply to an equity security of a domestic stock insurer if:(1)  the security is or is required to be registered under Section 12 of the federal Securities Exchange Act;  or(2)  the insurer does not have any class of its equity securities held of record by 100 or more persons on the last business day of the year preceding the year in which the equity security would otherwise be subject to this subchapter.(b)  Sections 548.101-548.104 do not apply to a foreign or domestic arbitrage transaction unless the transaction is made in violation of a rule adopted by the commissioner to accomplish the purposes of this chapter.(c)  A provision of this subchapter that imposes liability does not apply to an act or omission made in good faith in conformity with a rule adopted by the commissioner.  This subsection applies regardless of whether the rule is subsequently amended, rescinded, or determined by judicial or other authority to be invalid for any reason.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 548.201 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 548 - Insurer Insider Trading and Proxy Regulation|Subchapter C. Enforcement|Section 548.201. Offenses; Criminal Penalty

Sec. 548.201.  OFFENSES;  CRIMINAL PENALTY.  (a)  A person commits an offense if the person intentionally:(1)  violates this chapter or a rule adopted under this chapter;  or(2)  makes or causes to be made a statement that is false or misleading with respect to a material fact in a document required to be filed by this chapter or a rule adopted under this chapter.(b)  Except as provided by Subsection (c), an offense under this section is punishable by:(1)  a fine not to exceed $10,000;(2)  imprisonment for not more than two years;  or(3)  both the fine and imprisonment.(c)  A person may not be punished by imprisonment for violating a rule as prescribed by this section if the person proves that the person had no knowledge of the rule.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 548.202 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 548 - Insurer Insider Trading and Proxy Regulation|Subchapter C. Enforcement|Section 548.202. Civil Penalty

Sec. 548.202.  CIVIL PENALTY.  (a)  A person who wilfully violates this chapter or a rule adopted under this chapter is liable for a civil penalty of not less than $100 or more than $1,000 for:(1)  each act of violation;  and(2)  each day of violation.(b)  The attorney general, at the request of the commissioner, shall bring a suit in the name of the state to recover the civil penalty.  The suit must be brought:(1)  in Travis County or the county in which the person resides;(2)  if more than one person commits the violation, in the county in which any of the persons resides;  or(3)  in the county in which the violation allegedly occurred.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 548.203 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 548 - Insurer Insider Trading and Proxy Regulation|Subchapter C. Enforcement|Section 548.203. Injunctive Action

Sec. 548.203.  INJUNCTIVE ACTION.  A suit to enjoin a violation or a threatened violation of this chapter may be brought in any district court in which an action for a civil penalty under Section 548.202 may be brought.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 549.001 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter A. General Provisions|Section 549.001. Definitions

Sec. 549.001.  DEFINITIONS.  In this chapter:(1)  "Borrower" means an individual, partnership, corporation, association, or other entity who has or acquires a legal or equitable interest in real or personal property that is or becomes subject to a mortgage, lien, security agreement, deed of trust, or other security instrument.(2)  "Insurance binder" means a contract that provides insurance coverage pending the issuance of an original insurance policy that will be issued on or before the 30th day after the date the insurance binder is issued.(3)  "Lender" means an individual, partnership, corporation, association, or other entity, agent, loan agent, servicing agent, or loan or mortgage broker who lends money and receives or otherwise acquires a mortgage, a lien, a deed of trust, or any other security interest in or on any real or personal property as security for the loan.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 549.002 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter A. General Provisions|Section 549.002. Inapplicability of Chapter to Title Insurance

Sec. 549.002.  INAPPLICABILITY OF CHAPTER TO TITLE INSURANCE.  This chapter does not apply to title insurance.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 549.003 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter A. General Provisions|Section 549.003. Cancellation of Policy After Foreclosure Authorized

Sec. 549.003.  CANCELLATION OF POLICY AFTER FORECLOSURE AUTHORIZED.  In the event of a foreclosure under a deed of trust, the lender may cancel an insurance policy covering the foreclosed property and is entitled to any unearned premiums from the policy if the lender:(1)  credits the amount of the unearned premiums against any deficiency owed by the borrower;  and(2)  delivers to the borrower any excess unearned premiums not credited against a deficiency under Subdivision (1).|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 549.051 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter B. Prohibited Practices|Section 549.051. Fees for Substitution or Replacement of Policy

Sec. 549.051.  FEES FOR SUBSTITUTION OR REPLACEMENT OF POLICY.  (a)  A lender may not require a fee in an amount greater than $10 for the substitution by the borrower of a new insurance policy for another insurance policy in effect, or require a fee for the furnishing by the borrower of a new insurance policy to replace an existing insurance policy on termination of the existing policy, if the new insurance policy is provided through an insurer authorized to engage in business in this state.(b)  On the sale or transfer of the lender's ownership interest in real or personal property, the lender is subject to the payment of a substitution fee as described by Subsection (a) and may not, directly or indirectly, charge the borrower for the substitution fee.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 549.052 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter B. Prohibited Practices|Section 549.052. Requiring Policy From Particular Source

Sec. 549.052.  REQUIRING POLICY FROM PARTICULAR SOURCE.  A lender may not directly or indirectly require as a condition of the financing or lending of money or the renewal or extension of financing or lending of money that the purchaser or borrower or the successors of the purchaser or borrower obtain an insurance policy or the renewal or extension of an insurance policy covering the property involved in the transaction from or through:(1)  a particular agent, insurer, or other person;  or(2)  a particular type or class of agent, insurer, or other person.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 549.053 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter B. Prohibited Practices|Section 549.053. Use of Policy Information

Sec. 549.053.  USE OF POLICY INFORMATION.  (a)  Except as otherwise provided by this section, a lender may not:(1)  use or permit the use of any information taken from an insurance policy insuring the borrower's property for the purpose of soliciting insurance business from the borrower;  or(2)  make information taken from an insurance policy insuring the borrower's property available to any other person for any purpose.(b)  Subsection (a) does not:(1)  apply if the borrower provides the lender with specific written authority permitting or directing the particular use or disclosure of information before the use or disclosure occurs; or(2)  prevent a lender who is a licensed general property and casualty agent or a personal lines property and casualty agent from selling insurance to a borrower.|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. 2.02, eff. September 1, 2007.|
TX Ins Code § 549.054 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter B. Prohibited Practices|Section 549.054. Requiring Evidence of Insurance Before Termination of Policy

Sec. 549.054.  REQUIRING EVIDENCE OF INSURANCE BEFORE TERMINATION OF POLICY.  A lender may not require a borrower to provide evidence of insurance earlier than the 15th day before the termination date of an existing insurance policy.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 549.055 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter B. Prohibited Practices|Section 549.055. Insurance Binder as Evidence of Insurance

Sec. 549.055.  INSURANCE BINDER AS EVIDENCE OF INSURANCE.  (a)  A lender that requires a borrower to secure insurance coverage before the lender will provide a residential mortgage or commercial real estate loan must accept an insurance binder as evidence of the required insurance and may not require the borrower to provide an original insurance policy instead of a binder if:(1)  the binder is issued by a licensed general property and casualty agent or a personal lines property and casualty agent who is appointed to represent the insurer whose name appears on the binder and who is authorized to issue binders;(2)  the binder is accompanied by evidence of payment of the required premium; and(3)  the binder will be replaced by an original insurance policy for the required coverage on or before the 30th day after the date the binder is issued.(b)  A property and casualty agent who issues an insurance binder under Subsection (a) must, on request, provide the lender with appropriate evidence for purposes of Subsection (a)(1).|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. 2.03, eff. September 1, 2007.|
TX Ins Code § 549.0551 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter B. Prohibited Practices|Section 549.0551. Requiring Certain Amounts of Coverage

Sec. 549.0551.  REQUIRING CERTAIN AMOUNTS OF COVERAGE.  (a)  A lender may not require as a condition of financing a residential mortgage or providing other financing arrangements for residential property, including a mobile or manufactured home, that a borrower purchase homeowners insurance coverage, mobile or manufactured home insurance coverage, or other residential property insurance coverage in an amount that exceeds the replacement value of the dwelling and its contents, regardless of the amount of the mortgage or other financing arrangement entered into by the borrower.(b)  For purposes of this section, a lender may not include the fair market value of the land on which a dwelling is located in the replacement value of the dwelling and its contents.|Added by Acts 2005, 79th Leg., Ch. 69 (H.B. 2761), Sec. 1(a), eff. May 17, 2005; Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.017(a), eff. September 1, 2005.|
TX Ins Code § 549.101 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter C. Enforcement and Civil Remedies|Section 549.101. Enforcement Action

Sec. 549.101.  ENFORCEMENT ACTION.  The attorney general, commissioner, or department may institute a proceeding to enforce this chapter and to enjoin any individual, partnership, corporation, association, or other entity from engaging or attempting to engage in any activity in violation of this chapter.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|
TX Ins Code § 549.102 (2021)
2021 Texas Statutes|Insurance Code|Title 5 - Protection of Consumer Interests|Subtitle C - Deceptive, Unfair, and Prohibited Practices|Chapter 549 - Prohibited Practices Relating to Property Insurance|Subchapter C. Enforcement and Civil Remedies|Section 549.102. Civil Damages

Sec. 549.102.  CIVIL DAMAGES.  (a)  A borrower may recover from a lender who violates this chapter civil damages in an amount equal to three times the annual premium for the insurance policy in force on the property that is security for the loan.(b)  If the insurance policy is for a period of more than one year, the annual premium is computed by dividing the total premium specified in the policy for the entire period of the policy by the number of years of the duration of the policy.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.|