South Carolina Statutes
§ 29-3-70 — Limitation on requirement of casualty insurance by mortgagee.
A bank, savings and loan association, financial institution, 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 replacement cost of the buildings or appurtenances on the mortgaged premises.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 29-3-70 (Limitation on requirement of casualty insurance by mortgagee.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1988 Act No. 428, SECTION 1.
Nearby Sections
15
§ 29-3-30
Mortgagee may pay taxes.§ 29-3-310
Request for entry of satisfaction.§ 29-3-340
Certificate of satisfaction.§ 29-3-345
Document of rescission.§ 29-3-350
Entry of cancellation on indexes.