Sec. 347.258. DEPOSIT AMOUNTS PAID FOR TAXES OR INSURANCE. (a) This section applies to amounts received in installments by a creditor for the payment of ad valorem taxes or insurance premiums.
(b) The creditor shall deposit and hold the amount in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency.
(c) The creditor shall use the amount to pay the ad valorem taxes or insurance on the manufactured home, as appropriate.
(d) The creditor may not charge an amount for:
(1) holding or paying an amount received;
(2) analyzing the account in which the amount is deposited; or
(3) verifying or compiling the bills to be paid.
(e) The creditor is not required to pay to the consumer any interest or earnings on an amount received.
(f) The creditor shall give to the consumer, without charge, an annual accounting of the amounts received showing credits and debits and the purpose for which each debit was made.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Last modified: September 28, 2016