Tex. Fin. Code § 307.055 · Subchapter B. REQUIREMENTS FOR COLLATERAL PROTECTION INSURANCE
REFUND OF UNEARNED PREMIUMS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) On the date the collateral protection insurance is canceled or expires, the amount of unearned premiums, as computed by the Texas Automobile Rules and Rating Manual for collateral to which that manual applies and pro rata for all other types of collateral, shall be refunded to the creditor. Except as otherwise provided in Subsection (b), not later than the 14th day after the date the creditor receives the refund, the creditor shall distribute a refund of unearned premiums by any method selected by the creditor, including:
(1) payment to the debtor by check; or
(2) an adjustment to a credit transaction of the debtor.
(b) If not later than the 28th day after the date the creditor receives the refund the creditor distributes the refund of the unearned premiums by an adjustment to a credit transaction of the debtor that is made effective not later than the 14th day after the date the creditor receives the refund, the creditor shall be in compliance with this section.
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 e625fc61e706ee6707b198cf523bad92c377f4051045b45d86a8c07e2c5caf1e
- 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.