Tex. Insurance Code § 557.003
This is the official text of Tex. Insurance Code § 557.003, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 557.003. LENDER'S RELEASE OR REFUSAL TO RELEASE INSURANCE PROCEEDS.
Official statutory text
Not later than the 10th day after the date a lender receives from the insured a request for release of all or part of the insurance proceeds held by the lender, the lender shall:
(1) if the lender has received sufficient evidence of the insured's compliance with the requirements specified by the lender under Section 557.002 for release of the proceeds, release to the insured, as requested, all or part of the proceeds; or
(2) provide notice to the insured that explains specifically:
(A) the reason for the lender's refusal to release the proceeds to the insured; and
(B) each requirement with which the insured must comply for the lender to release the proceeds.
(1) if the lender has received sufficient evidence of the insured's compliance with the requirements specified by the lender under Section 557.002 for release of the proceeds, release to the insured, as requested, all or part of the proceeds; or
(2) provide notice to the insured that explains specifically:
(A) the reason for the lender's refusal to release the proceeds to the insured; and
(B) each requirement with which the insured must comply for the lender to release the proceeds.
Status: in_force · Read it on the official government site
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