A finance company shall not as a condition precedent to the making of a loan require a borrower to cancel any existing insurance. The borrower shall have sole discretion as to whether existing insurance shall be maintained or canceled.

Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150, 22311, 22312 and 22313, Financial Code.

History

1. New Note filed 12-29-83; effective thirtieth day thereafter (Register 83, No. 53).

2. Change without regulatory effect amending Note filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).