Texas Insurance Code 557.003 – Lender’s Release or Refusal to Release Insurance Proceeds
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Terms Used In Texas Insurance Code 557.003
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Not later than the 10th day after the date a lender receives from the insured a request for release of all or part of the insurance proceeds held by the lender, the lender shall:
(1) if the lender has received sufficient evidence of the insured’s compliance with the requirements specified by the lender under § 557.002 for release of the proceeds, release to the insured, as requested, all or part of the proceeds; or
(2) provide notice to the insured that explains specifically:
(A) the reason for the lender’s refusal to release the proceeds to the insured; and
(B) each requirement with which the insured must comply for the lender to release the proceeds.