If payment of an insurance claim relating to personal property requires the endorsement of a check or draft by a holder of a lien on the property or otherwise requires approval of the lienholder, not later than the 14th business day after the date the lienholder receives a request for the endorsement or other approval, the lienholder shall provide:
(1) the endorsement or approval; or
(2) a written statement of the reason for denial of the endorsement or approval to the person who requested the endorsement or approval.