SECTION 25.53. Computation of Finance Charge upon Cancellation

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If an insurance premium finance agreement is to be prepaid by return premium due to cancellation of the financed policy, the finance charge stops accruing on the date the return premium is received by the insurance premium finance company on that part of the outstanding indebtedness equal to the return premium.

Source Note: The provisions of this §25.53 adopted to be effective May 17, 1995, 20 TexReg 3337.

                    
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