Tex. Fin. Code § 342.410

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 342.410 - Payment for Insurance From Loan Proceeds

A lender, including an officer, agent, or employee of the lender, who accepts insurance under this subchapter as protection for a loan:

(1) may deduct the premium or identifiable charge for the insurance from the proceeds of the loan; and

(2) shall pay the deducted amounts to the insurance company writing the insurance.

Tex. Fin. Code § 342.410

Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. 9/1/1999.