Sec. 342.410. PAYMENT FOR INSURANCE FROM LOAN PROCEEDS. A lender, including an officer, agent, or employee of the lender, who accepts insurance under this subchapter as protection for a loan:
(1) may deduct the premium or identifiable charge for the insurance from the proceeds of the loan; and
(2) shall pay the deducted amounts to the insurance company writing the insurance.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.
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