AUSTIN, Texas – Teamwork and persistence pays off. The Collateral Protection Insurance Act, a bill strongly supported by Southwest Business Corporation and the Texas Credit Union Coalition, has recently been signed by Texas Governor Rick Perry. The new law contains a "safe harbor" provision that will give the lender immunity from lawsuits as long as the lender places the insurance in compliance with the Act. The new law will become effective Sept. 1, 2001.
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