Texas § 557.002 NOTIFICATION BY LENDER TO INSURED CONCERNING INSURANCE PROCEEDS.

Texas Statutes

§ 557.002 — NOTIFICATION BY LENDER TO INSURED CONCERNING INSURANCE PROCEEDS.

Texas § 557.002

Code INInsurance Code

This text of Texas § 557.002 (NOTIFICATION BY LENDER TO INSURED CONCERNING INSURANCE PROCEEDS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 557.002 (2026).

Text

Sec. 557.002. NOTIFICATION BY LENDER TO INSURED CONCERNING INSURANCE PROCEEDS.

(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.

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Sec. 557.002. NOTIFICATION BY LENDER TO INSURED CONCERNING INSURANCE PROCEEDS. (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.