Texas Statutes (Last Updated: January 4, 2014) |
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 |
Sec. 557.006. INTEREST NOT REQUIRED ON INSURANCE PROCEEDS APPLIED TO REDUCE NOTE
Latest version.
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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.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.