Tex. Ins. Code § 557.051

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

Section 557.051 - Lienholder Approval of Payment

If payment of an insurance claim relating to personal property requires the endorsement of a check or draft by a holder of a lien on the property or otherwise requires approval of the lienholder, not later than the 14th business day after the date the lienholder receives a request for the endorsement or other approval, the lienholder shall provide:

(1) the endorsement or approval; or

(2) a written statement of the reason for denial of the endorsement or approval to the person who requested the endorsement or approval.

Tex. Ins. Code § 557.051

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