™Your Policy Risk Impact Agent
386 chapters · 7,822 sections in this title.
Tex. Insurance Code § 557.001 Definitions
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Sec. 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" means: (A) a single-family house; (B) a duplex, triplex, or quadraplex; or (C) a unit in a m…
Tex. Insurance Code § 557.002 Notification By Lender To Insured Concerning Insurance Proceeds
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Sec. 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 holds all or part of the proceeds from the insurance claim payment p…
Tex. Insurance Code § 557.003 Lender'S Release Or Refusal To Release Insurance Proceeds
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Sec. 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 insurance proceeds held by the lender, the lender shall: (1) if the lender has receiv…
Tex. Insurance Code § 557.004 Payment of Interest; Rate
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Sec. 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 pay to the insured interest at the rate of 10 percent a year on the proceeds held by the l…