Amend CSSB 1581 as follows:
      (1)  In Subchapter B, Chapter 343, Finance Code, as added by
SECTION 1 of the bill (Committee Printing, page 2, between lines 23
and 24), insert:
      Sec. 343.105.  RESTRICTIONS ON SINGLE PREMIUM CREDIT
INSURANCE. A lender may not offer any individual or group credit
life, disability, or unemployment insurance on a prepaid single
premium basis in conjunction with a home loan unless the following
notice is provided to each applicant for the loan by hand delivery
or mail to the applicant not later than the third business day
after the date the applicant's application for a home loan is
received:
                   INSURANCE NOTICE TO APPLICANT
            You may elect to purchase credit life,
      disability, or involuntary unemployment insurance in
      conjunction with this mortgage loan.  If you elect to
      purchase this insurance coverage, you may pay for it
      either on a monthly premium basis or with a single
      premium payment at the time the lender closes this
      loan.  If you choose the single premium payment, the
      cost of the premium will be financed at the interest
      rate provided for in the mortgage loan.
            This insurance is NOT required as a condition of
      closing the mortgage loan and will be included with the
      loan only at your request.
            You have the right to cancel this credit
      insurance once purchased.  If you cancel it within 30
      days of the date of your loan, you will receive either
      a full refund or a credit against your loan account.
      If you cancel this insurance at any other time, you
      will receive either a refund or credit against your
      loan account of any unearned premium.  YOU MUST CANCEL
      WITHIN 30 DAYS OF THE DATE OF THE LOAN TO RECEIVE A
      FULL REFUND OR CREDIT.
            To assist you in making an informed choice, the
      following estimates of premiums are being provided
      along with an example of the cost of financing.  The
      examples assume that the term of the insurance product
      is ____ years and that the interest rate is ______
      percent (a rate that has recently been available for
      the type of loan you are seeking).  PLEASE NOTE THAT
      THE ACTUAL LOAN TERMS YOU QUALIFY FOR MAY VARY FROM
      THIS EXAMPLE.  "Total amount paid" is the amount that
      would be paid if you financed only the total insurance
      premium for a ___ year period and is equal to the
      amount you would have paid if you made all scheduled
      payments.  This is NOT the total of payments on your
      loan.
      CREDIT LIFE INSURANCE:  Estimated premium of $_______
      DISABILITY INSURANCE:  Estimated premium of $_______
      INVOLUNTARY UNEMPLOYMENT INSURANCE:  Estimated premium
      of $________
      TOTAL INSURANCE PREMIUMS:  $_______
      TOTAL AMOUNT PAID:  $_______
      (2)  At the end of Subchapter B, Chapter 343, Finance Code,
as added by SECTION 1 of the bill (Committee Printing, page 2, line
24), strike "Sections 343.105-343.200 reserved for expansion" and
substitute "Sections 343.106-343.200 reserved for expansion"
      (3)  Add the following sentence at the end of Subsection (b)
of SECTION 2 of the bill (Committee Printing, page 3, line 22):
Section 343.105, Finance Code, as added by this Act, applies only
to a loan closed on or after the later of January 1, 2002, or the
date the Texas Department of Insurance approves a product allowing
lenders to offer individual or group credit life or credit
disability insurance complying with that section and certifies to
the Finance Commission of Texas that this coverage is available.