20-1621. Scope of article

149 words·~1 min read·/az/title-20/20-1621

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. This article applies to an insurer or producer transacting credit property insurance.

B. All credit property insurance written in connection with credit transactions for personal, family or household purposes is subject to this article, except:

1. Insurance resulting from transactions involving extensions of credit primarily for business or commercial purposes.

2. Insurance on mobile homes.

3. Insurance written in connection with a credit transaction that is secured by a real estate mortgage or deed of trust.

4. Creditor-placed insurance.

5. Title insurance.

6. Nonrecording insurance.

7. Insurance purchased by a creditor after repossession or a similar event where the creditor gains possession of the property.

C. All credit property insurance issued or made effective relative to consumer lender loans under title 6, chapter 5 is subject to this article.

D. All other provisions of this title not inconsistent with this article apply to transaction of credit property insurance.