An insurance premium finance company or its designee shall preserve written record of each oral or written contact made by the company with the insured or any other person for the purpose of collecting late insurance premium finance payments. The record shall also include contacts made by the insured with the insurance premium finance company. The record shall include the date, method of contact, contacted party, person initiating the contact and essence of the contact. Each record shall be maintained in a manner that is readily understood.

Source Note: The provisions of this §25.61 adopted to be effective May 17, 1995, 20 TexReg 3337.