Alabama § 27-22-61 Notice to Insured of Requirements for Release of Insurance Proceeds

Alabama Statutes

§ 27-22-61 — Notice to Insured of Requirements for Release of Insurance Proceeds

Alabama § 27-22-61

Title 27Insurance

Ch. 22Property Insurance Contracts

Art. 4Insurance Payments to Lender

This text of Alabama § 27-22-61 (Notice to Insured of Requirements for Release of Insurance Proceeds) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 27-22-61 (2026).

Text

(a)If a claim under an insurance policy for damage to residential real property is paid to the insured and a lender, and the lender holds all or part of the proceeds from the insurance claim payment pending completion of all or part of the repairs to the property, the lender shall notify the insured of each requirement with which the insured must comply for the lender to release the insurance proceeds.

(b)The notice required under this section must be provided no later than 14 days after the date the lender receives payment of the insurance proceeds.

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(a) If a claim under an insurance policy for damage to residential real property is paid to the insured and a lender, and the lender holds all or part of the proceeds from the insurance claim payment pending completion of all or part of the repairs to the property, the lender shall notify the insured of each requirement with which the insured must comply for the lender to release the insurance proceeds.
(b) The notice required under this section must be provided no later than 14 days after the date the lender receives payment of the insurance proceeds.