20-471. Definition of insurance service charge; limit; prohibited use A. " Insurance service charge" means any charge, other than the insurance premium, for the service of placing, renewing, approving or recording on the records and accounts of any mortgagee, vendor, holder or lender any substitution of insurers or change in insurance on the collateral security […]
20-472. Service charges in connection with insurance on collateral security prohibited when change of ownership It is unlawful for a mortgagee to require the payment of any insurance service charge for services performed in changing of the mortgagee’s records and accounts with regard to a change in ownership of the insured property held as security […]
20-473. Obligation of mortgagee to furnish mortgagor copies of insurance policy Whenever the mortgagee or a person acting for the mortgagee, by the terms of the mortgage agreement retains possession of the original policy of insurance insuring collateral security for a mortgage, and the mortgagee or his agent has procured the issuance of the insurance, […]
20-474. Service charges in connection with insurance on collateral security prohibited when mortgagee procures insurance When a mortgagee or his agent at the inception of the mortgage procures the issuance of insurance for the mortgagor then the mortgagor may substitute a replacement policy within one year after the inception of the original policy procured by […]
20-475. Reasonable requirements of security holder are valid Nothing in this article shall prevent a mortgagee, lender, vendor, or holder from requiring insurance on the collateral security for a loan or exercising a reasonable privilege of approval or disapproval of the insurance provided for such purpose by the borrower, mortgagor or purchaser.
20-475.01. Insurance on mortgaged property; disclosure of expiration date prohibited; exception When a real property mortgage or a lending agreement in connection with a loan on real property provides that the mortgagor or borrower shall furnish insurance upon the mortgaged property, the mortgagee, assignee or creditor shall not disclose expiration dates or other policy information […]
20-476. Violation; classification Intentional violation of this article is a petty offense.
