79th Texas Legislature, Regular Session, House Bill 2761, Chapter 69 Page: 2 of 4
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H.B. No. 2761
1 (a) This subchapter does not prevent a lender from requiring
2 evidence to be produced before the commencement or renewal of a risk
3 that insurance has been obtained that:
4 (1) has a fixed termination date;
5 (2) except as provided by Section 549.0551, provides
6 adequate coverage in an amount sufficient to cover the debt or loan;
8 (3) will not be canceled without reasonable notice to
9 the lender.
10 (d) Except as provided by Section 549.0551, this [Th-i-]
11 subchapter does not prevent a lender from providing, in accordance
12 with the terms of the mortgage, security agreement, deed of trust,
13 or other security instrument, insurance coverage adequate to
14 protect the lender's security interest in property in the event the
15 borrower fails to provide on or before the 15th day before the
16 termination date of an existing insurance policy an insurance
17 policy meeting the requirements established by the lender as
18 authorized by this chapter. A lender that provides insurance
19 coverage under this subsection may use information contained in the
20 existing policy for the purpose of determining that the insurance
21 coverage provided is adequate.
22 SECTION 3. To the extent of any conflict, this Act prevails
23 over another Act of the 79th Legislature, Regular Session, 2005,
24 relating to nonsubstantive additions to and corrections in enacted
26 SECTION 4. The amendment by this Act of Sections 549.056(a)
27 and (d), Insurance Code, is intended to clarify rather than change
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Texas. Legislature. House of Representatives. 79th Texas Legislature, Regular Session, House Bill 2761, Chapter 69, legislative document, May 17, 2005; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth156888/m1/2/: accessed November 18, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.