Tex. Fin. Code § 347.253 · Subchapter F. PAYMENT OF INSURANCE AND TAXES
ADJUSTMENT OF AMOUNTS PAID TO CREDITOR FOR INSURANCE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If the amount held by a creditor to pay insurance premiums and the amounts for insurance to be paid to the creditor with installments before the due date of an insurance premium exceed the amount required to pay the insurance premium when it is due, the creditor, at the consumer's option, shall:
(1) repay the excess to the consumer; or
(2) credit the excess to the payment of the consumer's future insurance premium installments.
(b) If the amount held by the creditor to pay insurance premiums is not sufficient to pay an insurance premium when it is due, the consumer, not later than the 30th day after the date on which the creditor mails to the consumer notice requesting the consumer to pay the amount of the deficiency, shall pay to the creditor an amount equal to the amount of the deficiency.
(c) If the consumer fails to pay the amount under Subsection (b) for insurance required by the creditor under Section 347.201, the creditor may treat the deficiency in the same manner as provided by Section 347.203 for the consumer's failure to obtain the required insurance.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.347.htm
- Text hash
- sha256 b86343a21a29a4c8798ffe718478bb655b42a5c416fb2df8dd7a19682881f5a9
- 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
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