Texas § 549.003 CANCELLATION OF POLICY AFTER FORECLOSURE AUTHORIZED.

Texas Statutes

§ 549.003 — CANCELLATION OF POLICY AFTER FORECLOSURE AUTHORIZED.

Texas § 549.003

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 549.003 (2026).

Text

Sec. 549.003. CANCELLATION OF POLICY AFTER FORECLOSURE AUTHORIZED. In the event of a foreclosure under a deed of trust, the lender may cancel an insurance policy covering the foreclosed property and is entitled to any unearned premiums from the policy if the lender:

(1)credits the amount of the unearned premiums against any deficiency owed by the borrower; and

(2)delivers to the borrower any excess unearned premiums not credited against a deficiency under Subdivision (1). SUBCHAPTER B. PROHIBITED PRACTICES

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Sec. 549.003. CANCELLATION OF POLICY AFTER FORECLOSURE AUTHORIZED. In the event of a foreclosure under a deed of trust, the lender may cancel an insurance policy covering the foreclosed property and is entitled to any unearned premiums from the policy if the lender:
(1) credits the amount of the unearned premiums against any deficiency owed by the borrower; and
(2) delivers to the borrower any excess unearned premiums not credited against a deficiency under Subdivision (1).
SUBCHAPTER B. PROHIBITED PRACTICES