Texas Insurance Code 557.004 – Payment of Interest; Rate
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Terms Used In Texas Insurance Code 557.004
- Year: means 12 consecutive months. See Texas Government Code 311.005
A lender who fails to provide notice as required by § 557.002 or 557.003 or to release insurance proceeds as required by § 557.003 shall pay to the insured interest at the rate of 10 percent a year on the proceeds held by the lender.