Texas Insurance Code 559.102 – Multiple Lender Inquiries
Current as of: 2024 | Check for updates
|
Other versions
(a) An insurer shall consider multiple lender inquiries made within 30 days of a prior inquiry, if coded by the consumer reporting agency on the consumer’s credit report as from the home mortgage industry, as only one inquiry.
(b) An insurer shall consider multiple lender inquiries made within 30 days of a prior inquiry, if coded by the consumer reporting agency on the consumer’s credit report as from the motor vehicle lending industry, as only one inquiry.
Terms Used In Texas Insurance Code 559.102
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.