Texas Insurance Code
§ 557.006 — INTEREST NOT REQUIRED ON INSURANCE PROCEEDS APPLIED TO REDUCE NOTE
IN § 557.006Title 5. PROTECTION OF CONSUMER INTERESTS · Part C. DECEPTIVE, UNFAIR, AND PROHIBITED PRACTICES · Ch. 557. INSURED PROPERTY SUBJECT TO SECURITY INTEREST · Art. A. INSURANCE PROCEEDS HELD BY LENDER PENDING REPAIR OF RESIDENTIAL REAL PROPERTY
Statute text
View on sourceA 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.
Legislative history
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.