Tex. Finance Code § 342.415
This is the official text of Tex. Finance Code § 342.415, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 342.415. EFFECT OF UNAUTHORIZED INSURANCE CHARGE.
Official statutory text
(a) If a lender charges for insurance an amount that is not authorized under this subchapter, the lender:
(1) is not entitled to collect an amount for insurance or interest on an amount for insurance; and
(2) shall refund to the borrower or credit to the borrower's account all amounts collected for insurance and interest collected on those amounts.
(b) An overcharge that results from an accidental or bona fide error may be corrected as provided by Subchapter C, Chapter 349.
(c) The remedy provided by this section is not exclusive of any other remedy or penalty provided by this subtitle.
(1) is not entitled to collect an amount for insurance or interest on an amount for insurance; and
(2) shall refund to the borrower or credit to the borrower's account all amounts collected for insurance and interest collected on those amounts.
(b) An overcharge that results from an accidental or bona fide error may be corrected as provided by Subchapter C, Chapter 349.
(c) The remedy provided by this section is not exclusive of any other remedy or penalty provided by this subtitle.
Status: in_force · Read it on the official government site
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