- (a) This chapter applies to insurers and insurance producers engaged in any transaction involving lender-placed insurance as defined in this chapter.
(b) All lender-placed insurance written in connection with mortgaged real property, including manufactured and mobile homes, is subject to the provisions of this chapter, except:
- (1) Transactions involving extensions of credit primarily for business, commercial, or agricultural purposes.
- (2) Insurance offered by the lender or servicer and elected by the mortgagor at the mortgagor’s option.
- (3) Insurance purchased by a lender or servicer on real estate owned property.
- (4) Insurance for which no specific charge is made to the mortgagor or the mortgagor’s account.
History of Section.
P.L. 2022, ch. 404, § 7, effective June 30, 2022; P.L. 2022, ch. 405, § 7, effective June 30, 2022.