Tex. Ins. Code § 549.003

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 549.003 - Cancellation of Policy After Foreclosure Authorized

In the event of a foreclosure under a deed of trust, the lender may cancel an insurance policy covering the foreclosed property and is entitled to any unearned premiums from the policy if the lender:

(1) credits the amount of the unearned premiums against any deficiency owed by the borrower; and

(2) delivers to the borrower any excess unearned premiums not credited against a deficiency under Subdivision (1).

Tex. Ins. Code § 549.003

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. 4/1/2005.