§ 771.01. — 771.01. (Added by Stats. 1995, Ch. 857, Sec. 1.)

California § 771.01.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 1.: DIVISION 1. GENERAL RULES GOVERNING INSURANCE
• Part 2.: PART 2. THE BUSINESS OF INSURANCE
• Ch. 1.: CHAPTER 1. General Regulations
• Art. 5.5.: ARTICLE 5.5. Insurance in Connection With Sales and Loans

Text

No person making a loan of money on the security of residential real property shall reject or refuse to accept a policy of fire and casualty insurance underwritten by an insurer chosen by the borrower for any reason that the lender would not impose on an insurer chosen by the lender when the borrower requests the lender to obtain the insurance. This section applies to a lender’s rejection or refusal to accept a policy of fire and casualty insurance due to, but not limited to, terms of coverage, conditions of payment, or financial rating of the insurer.

Legislative History

Added by Stats. 1995, Ch. 857, Sec. 1. Effective January 1, 1996.