Texas Finance Code 348.211 – Holder’s Duty If Insurance Is Adjusted or Terminated
Current as of: 2024 | Check for updates
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(a) If insurance for which a charge is included in or added to a retail installment contract is canceled, adjusted, or terminated, the holder shall, at the holder’s option:
(1) apply the amount of the refund for unearned insurance premiums received by the holder to replace required insurance coverage; or
(2) credit the refund to the final maturing installments of the retail installment contract.
(b) If the amount to be applied or credited under Subsection (a) is more than the amount unpaid on the retail installment contract, the holder shall refund to the retail buyer the difference between those amounts.
Terms Used In Texas Finance Code 348.211
- Contract: A legal written agreement that becomes binding when signed.
(c) A cash refund is not required under this section if the amount of the refund is less than $1.