Arkansas Statutes
§ 23-32-206 — Casualty insurance - Replacement cost coverage
Arkansas·Title 23
(a)A savings and loan association, financial institution, national bank, mortgage company, or any public or private mortgagee doing business in this state, when making a mortgage loan, may not require as a condition or term of the mortgage that the mortgagor purchase casualty insurance on property which is the subject of the mortgage in an amount in excess of the fair market value of the buildings or appurtenances on the mortgaged premises.
(b)This section shall not be construed as limiting the right of the mortgagor to purchase replacement cost coverage on the property which is the subject of the mortgage.
Free access — add to your briefcase to read the full text and ask questions with AI
Arkansas § 23-32-206 (Casualty insurance - Replacement cost coverage) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1997, No. 138, § 1.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
Citizens band radio equipment