Statutes, codes, and regulations
Texas Codes
INSURANCE CODETitle 5 - PROTECTION OF CONSUMER INTERESTSSubtitle C - DECEPTIVE, UNFAIR, AND PROHIBITED PRACTICESChapter 557 - INSURED PROPERTY SUBJECT TO SECURITY INTEREST
Subchapter A - INSURANCE PROCEEDS HELD BY LENDER PENDING REPAIR OF RESIDENTIAL REAL PROPERTY
Section 557.006 - Interest Not Required on Insurance Proceeds Applied to Reduce Note

Tex. Ins. Code § 557.006

Download
PDF
Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 557.006 - Interest Not Required on Insurance Proceeds Applied to Reduce Note

A lender is not required to pay interest on insurance proceeds applied, in accordance with the terms and conditions of a deed of trust or other security agreement, to reduce a note.

Tex. Ins. Code § 557.006

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