Sec. 1111A.018.  FRAUD PREVENTION AND CONTROL.  (a)  A person may not commit a fraudulent life settlement act.
(b)  A person may not interfere with the enforcement of this chapter or an investigation of a suspected or actual violation of this chapter.
(c)  A person in the business of life settlements may not knowingly or intentionally permit a person convicted of a felony involving dishonesty or breach of trust to participate in the business of life settlements.
(d)  A life settlement contract and an application for a life settlement contract, regardless of the form of transmission, must contain the following, or a substantially similar, statement:  "Any person who knowingly presents false information in an application for insurance or a life settlement contract is guilty of a crime and may be subject to fines and confinement in prison."
(e)  The failure to include a statement as required in Subsection (d) is not a defense in any prosecution for a fraudulent life settlement act.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.