Tex. Insurance Code § 549.051
This is the official text of Tex. Insurance Code § 549.051, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 549.051. FEES FOR SUBSTITUTION OR REPLACEMENT OF POLICY.
Official statutory text
(a) A lender may not require a fee in an amount greater than $10 for the substitution by the borrower of a new insurance policy for another insurance policy in effect, or require a fee for the furnishing by the borrower of a new insurance policy to replace an existing insurance policy on termination of the existing policy, if the new insurance policy is provided through an insurer authorized to engage in business in this state.
(b) On the sale or transfer of the lender's ownership interest in real or personal property, the lender is subject to the payment of a substitution fee as described by Subsection (a) and may not, directly or indirectly, charge the borrower for the substitution fee.
(b) On the sale or transfer of the lender's ownership interest in real or personal property, the lender is subject to the payment of a substitution fee as described by Subsection (a) and may not, directly or indirectly, charge the borrower for the substitution fee.
Status: in_force · Read it on the official government site
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