{"data":{"id":"us-tx/tex.-insurance-code-557.002","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 557.002","heading":"NOTIFICATION BY LENDER TO INSURED CONCERNING INSURANCE PROCEEDS.","body":"(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 holds all or part of the proceeds from the insurance claim payment pending completion of all or part of the repairs to the property, the lender shall notify the insured of each requirement with which the insured must comply for the lender to release the insurance proceeds.\n(b) The notice required under this section must be provided not later than the 10th day after the date the lender receives payment of the insurance proceeds.\nAdded by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.","path":["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"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.557.htm#557.002","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"c83d04f7f6730409048ee4ef42a4b883fe6cce9c256167eb78d91a47412c58d2","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-557.001","next":"us-tx/tex.-insurance-code-557.003"},"notice":"GroundRules: Original legal text. Not legal advice."}