All policy forms and endorsements shall be filed with and be subject to the approval of the Commissioner pursuant to Section 27-14-8, Code of Ala. 1975. With respect to owner-occupied single family dwellings, the mortgage insurance policy shall provide that the borrower shall not be liable to the insurance company for any deficiency arising from a foreclosure sale.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §§27-2-17.

History: New Rule: January 12, 1976; effective January 22, 1976. Revised: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act. Revised: May 7, 2008; effective May 20, 2008. Filed with LRS May 9, 2008. Rule is not subject to the Alabama Administrative Procedure Act.