81R10091 PB-F
By: Lucio S.B. No. 1465
A BILL TO BE ENTITLED
AN ACT
relating to refund of excess unearned premiums by insurance premium
finance companies.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 651.162(g), 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.
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, 2009.