Virginia § 6.2-415 Lender not to cancel insurance policy at time of refinancing under certain circumstances

Virginia Statutes

§ 6.2-415 — Lender not to cancel insurance policy at time of refinancing under certain circumstances

Virginia § 6.2-415

JurisdictionVirginia

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IGENERAL PROVISIONS

Ch. 4CERTAIN LENDING PRACTICES

Art. 2LOANS SECURED BY LIEN ON REAL ESTATE

This text of Virginia § 6.2-415 (Lender not to cancel insurance policy at time of refinancing under certain circumstances) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 6.2-415 (2026).

Text

A.No lender shall require a borrower or debtor, for the protection of property securing the credit or lien, to cancel an existing insurance policy on such property at the time of a refinancing solely to change the effective dates of coverage under the policy, unless the expiration date of such policy is within four months of the date of the closing.

B.The provision of subsection A shall not prevent a lender from requesting a new policy when the coverage under the existing policy is inadequate or there is reasonable concern over the soundness or services of the insurer.

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A. No lender shall require a borrower or debtor, for the protection of property securing the credit or lien, to cancel an existing insurance policy on such property at the time of a refinancing solely to change the effective dates of coverage under the policy, unless the expiration date of such policy is within four months of the date of the closing.

B. The provision of subsection A shall not prevent a lender from requesting a new policy when the coverage under the existing policy is inadequate or there is reasonable concern over the soundness or services of the insurer.