An association may advance credit to a borrower for payment of insurance premiums in connection with an unsecured loan if the proceeds of the insurance are payable to the association and the amount of the coverage does not exceed the unpaid balance of the loan.

Note: Authority cited: Section 8053, Financial Code. Reference: Section 7650, Financial Code.

History

1. Change without regulatory effect renumbering former Section 241.2 to Section 107.602 (Register 87, No. 14). For prior history, see Register 73, No. 46.

2. Amendment filed 2-18-88; operative 3-19-88 (Register 88, No. 10).