Florida Regulations 69B-124.014: Continuous or Prepaid Policies
Current as of: 2024 | Check for updates
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The requirement of accepting only continuous renewal policies or three-year or more prepayment plans of insurance is not a right or privilege possessed by a lender, nor does it afford the mortgagor the freedom of choice of insurer; therefore, Florida Statutes § 626.9551, is interpreted to prohibit such requirements of acceptance by a lender.
Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History-New 5-20-64, Repromulgated 12-24-74, Formerly 4-3.14, 4-3.014, 4-124.014.
Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History-New 5-20-64, Repromulgated 12-24-74, Formerly 4-3.14, 4-3.014, 4-124.014.
Terms Used In Florida Regulations 69B-124.014
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.