Texas § 557.003 LENDER'S RELEASE OR REFUSAL TO RELEASE INSURANCE PROCEEDS.

Texas Statutes

§ 557.003 — LENDER'S RELEASE OR REFUSAL TO RELEASE INSURANCE PROCEEDS.

Texas § 557.003

Code INInsurance Code

This text of Texas § 557.003 (LENDER'S RELEASE OR REFUSAL TO RELEASE 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. § 557.003 (2026).

Text

Sec. 557.003. LENDER'S RELEASE OR REFUSAL TO RELEASE INSURANCE PROCEEDS. 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.

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Sec. 557.003. LENDER'S RELEASE OR REFUSAL TO RELEASE INSURANCE PROCEEDS. 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.