379.1850. Lender-placed insurance, applicability — exceptions.
131 words·~1 min read·
/mo/chapter-379/379-1850A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
379.1850. Lender-placed insurance, applicability — exceptions. — 1. Sections 379.1850 to 379.1869 shall apply to insurers and insurance producers engaged in any transaction involving lender-placed insurance, as defined in section 379.1851 .
2. All lender-placed insurance written in connection with mortgaged real property, including manufactured homes and modular units, as defined in section 700.010 , is subject to the provisions of sections 379.1850 to 379.1869 , 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.
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(L. 2023 S.B. 101)