When credit life or credit accident and health insurance is required as additional security for any indebtedness, the person processing the indebtedness transaction shall advise the debtor prior to completion of the transaction of the debtor's right to furnish the required amount of insurance through existing policies of insurance owned or controlled by the debtor or to procure the required coverage from any insurer authorized to transact insurance business within this state.

Source Note: The provisions of this §3.5101 adopted to be effective October 1, 1980, 5 TexReg 2772.