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A BILL TO BE ENTITLED
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AN ACT
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relating to the refund of excess unearned premiums by insurance |
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premium finance companies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (g), Section 651.162, Insurance Code, |
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is amended to read as follows: |
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(g) If the crediting of return premiums to the account of an |
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insured results in a surplus over the amount due from the insured, |
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the insurance premium finance company shall refund the excess to |
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the insured. If the amount of the excess is less than $5 [$1], the |
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insured is not entitled to a refund credit. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |