Tex. Ins. Code Section 557.004
Payment of Interest; Rate


A lender who fails to provide notice as required by Section 557.002 (Notification by Lender to Insured Concerning Insurance Proceeds) or 557.003 (Lender’s Release or Refusal to Release Insurance Proceeds) or to release insurance proceeds as required by Section 557.003 (Lender’s Release or Refusal to Release Insurance Proceeds) shall pay to the insured interest at the rate of 10 percent a year on the proceeds held by the lender.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.

Source: Section 557.004 — Payment of Interest; Rate, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­557.­htm#557.­004 (accessed Jun. 5, 2024).

Accessed:
Jun. 5, 2024

§ 557.004’s source at texas​.gov