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Texas Insurance Code - Chapter 557 Insured Property Subject To Security Interest
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Texas Laws > Insurance Code > Texas Insurance Code - Chapter 557 Insured Property Subject To Security Interest
Texas Insurance Code Section 557.001 - Definitions
In this subchapter: (1) "Lender" means a person holding a mortgage, lien, deed of trust, or other security interest in property. (2) "Residential real property" ...
Texas Insurance Code Section 557.002 - Notification By Lender To Insured Concerning Insurance Proceeds
(a) If a claim under an insurance policy for damage to residential real property is paid to the insured and a lender, and the lender ...
Texas Insurance Code Section 557.003 - Lender's Release Or Refusal To Release Insurance Proceeds
Not later than the 10th day after the date a lender receives from the insured a request for release of all or part of the ...
Texas Insurance Code Section 557.004 - Payment Of Interest; Rate
A lender who fails to provide notice as required by Section 557.002 or 557.003 or to release insurance proceeds as required by Section 557.003 shall ...
Texas Insurance Code Section 557.005 - Accrual Of Interest
(a) If a lender fails to provide notice as required by Section 557.002 or 557.003, interest begins to accrue on the date the lender received ...
Texas Insurance Code Section 557.006 - Interest Not Required On Insurance Proceeds Applied To Reduce Note
A lender is not required to pay interest on insurance proceeds applied, in accordance with the terms and conditions of a deed of trust or ...
Texas Insurance Code Section 557.051 - Lienholder Approval Of Payment
If payment of an insurance claim relating to personal property requires the endorsement of a check or draft by a holder of a lien on ...
Texas Insurance Code Section 557.052 - Civil Penalty
(a) A lienholder who violates Section 557.051 is liable for a civil penalty not to exceed $500 for each violation. (b) The attorney general may ...
Last modified: August 11, 2007
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