GroundRules
Tex. Insurance Code § 557.003: LENDER'S RELEASE OR REFUSAL TO RELEASE INSURANCE PROCEEDS.
Where this section sits in the code
- INSURANCE CODE
- TITLE 5. PROTECTION OF CONSUMER INTERESTS
- SUBTITLE C. DECEPTIVE, UNFAIR, AND PROHIBITED PRACTICES
- CHAPTER 557. INSURED PROPERTY SUBJECT TO SECURITY INTEREST
- SUBCHAPTER A. INSURANCE PROCEEDS HELD BY LENDER PENDING REPAIR OF RESIDENTIAL REAL PROPERTY
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 insurance proceeds held by the lender, the lender shall:
(1) if the lender has received sufficient evidence of the insured's compliance with the requirements specified by the lender under Section 557.002 for release of the proceeds, release to the insured, as requested, all or part of the proceeds; or
(2) provide notice to the insured that explains specifically:
(A) the reason for the lender's refusal to release the proceeds to the insured; and
(B) each requirement with which the insured must comply for the lender to release the proceeds.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.
Collected 2026-08-27T01:47:21Z. Source file · JSON