Tex. Fin. Code § 307.054 · Subchapter B. REQUIREMENTS FOR COLLATERAL PROTECTION INSURANCE
CANCELLATION OF COLLATERAL PROTECTION INSURANCE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A debtor may at any time cause the cancellation of collateral protection insurance by providing proper evidence to the creditor that the debtor has obtained insurance as required by the credit agreement. If a debtor provides the creditor with proper evidence that the debtor had insurance on the collateral as required by the credit agreement on or before the date the collateral protection insurance is effective and that the debtor continues to have insurance on the collateral as required by the credit agreement, the creditor shall cancel the insurance that it purchased and may not charge the debtor any costs, interest, or other charges in connection with the insurance.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 726, Sec. 1, eff. Sept. 1, 2001.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.307.htm
- Text hash
- sha256 b4ded1c83d4323ae0cb4ccc2317e7abd571a9c6cbed14849c369ccf85801120a
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.