Tex. Finance Code § 342.410
This is the official text of Tex. Finance Code § 342.410, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 342.410. PAYMENT FOR INSURANCE FROM LOAN PROCEEDS.
Official statutory text
A lender, including an officer, agent, or employee of the lender, who accepts insurance under this subchapter as protection for a loan:
(1) may deduct the premium or identifiable charge for the insurance from the proceeds of the loan; and
(2) shall pay the deducted amounts to the insurance company writing the insurance.
(1) may deduct the premium or identifiable charge for the insurance from the proceeds of the loan; and
(2) shall pay the deducted amounts to the insurance company writing the insurance.
Status: in_force · Read it on the official government site
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