Tex. Insurance Code § 557.002
This is the official text of Tex. Insurance Code § 557.002, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 557.002. NOTIFICATION BY LENDER TO INSURED CONCERNING INSURANCE PROCEEDS.
Official statutory text
(a) If a claim under an insurance policy for damage to residential real property is paid to the insured and a lender, and the lender holds all or part of the proceeds from the insurance claim payment pending completion of all or part of the repairs to the property, the lender shall notify the insured of each requirement with which the insured must comply for the lender to release the insurance proceeds.
(b) The notice required under this section must be provided not later than the 10th day after the date the lender receives payment of the insurance proceeds.
(b) The notice required under this section must be provided not later than the 10th day after the date the lender receives payment of the insurance proceeds.
Status: in_force · Read it on the official government site
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