| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R10091 PB-F | |
| 2 | 2 | By: Lucio S.B. No. 1465 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to refund of excess unearned premiums by insurance premium | |
| 8 | 8 | finance companies. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 651.162(g), Insurance Code, is amended | |
| 11 | 11 | to read as follows: | |
| 12 | 12 | (g) If the crediting of return premiums to the account of an | |
| 13 | 13 | insured results in a surplus over the amount due from the insured, | |
| 14 | 14 | the insurance premium finance company shall refund the excess to | |
| 15 | 15 | the insured. If the amount of the excess is less than $5 [$1], the | |
| 16 | 16 | insured is not entitled to a refund. | |
| 17 | 17 | SECTION 2. This Act takes effect immediately if it receives | |
| 18 | 18 | a vote of two-thirds of all the members elected to each house, as | |
| 19 | 19 | provided by Section 39, Article III, Texas Constitution. If this | |
| 20 | 20 | Act does not receive the vote necessary for immediate effect, this | |
| 21 | 21 | Act takes effect September 1, 2009. |