By: Lucio  S.B. No. 1402
         (In the Senate - Filed March 7, 2007; March 20, 2007, read
  first time and referred to Committee on Business and Commerce;
  April 11, 2007, reported favorably by the following vote:  Yeas 8,
  Nays 0; April 11, 2007, sent to printer.)
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
  relating to the refund of excess unearned premiums by insurance
  premium finance companies.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subsection (g), Section 651.162, Insurance Code,
  is amended to read as follows:
         (g)  If the crediting of return premiums to the account of an
  insured results in a surplus over the amount due from the insured,
  the insurance premium finance company shall refund the excess to
  the insured. If the amount of the excess is less than $5 [$1], the
  insured is not entitled to a refund credit.
         SECTION 2.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2007.
 
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