If a retail buyer provides a holder with evidence of property insurance coverage that names the holder as a loss payee and that is equivalent to insurance already purchased through the holder, the holder must promptly cancel any equivalent property insurance or collateral protection insurance. The refund of any unearned insurance premium must be applied to the balance of the contract or refunded to the retail buyer.

Source Note: The provisions of this §84.304 adopted to be effective July 10, 2008, 33 TexReg 5280