Florida Statutes 627.9902 – Scope
Current as of: 2023 | Check for updates
|
Other versions
(1) This part applies to insurers and insurance agents engaged in any mortgage transaction involving collateral protection insurance.
(2) All collateral protection insurance written in connection with mortgaged real property, including manufactured and mobile homes, is subject to the provisions of this part, except:
(a) Insurance associated with mortgage loans or other extensions of credit made primarily for business, commercial, or agricultural purposes.
Terms Used In Florida Statutes 627.9902
- Lender: means a person or an entity, or an affiliate thereof, making loans secured by an interest in real property. See Florida Statutes 627.9903
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: means a person who is obligated on a mortgage loan pursuant to a mortgage agreement. See Florida Statutes 627.9903
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Real estate owned property: means property owned or held by a lender or servicer as a result of a foreclosure under the related mortgage agreement or acceptance of a deed in lieu of foreclosure. See Florida Statutes 627.9903
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Servicer: means a person or an entity, or an affiliate thereof, contractually obligated to service one or more mortgage loans for a lender or an investor. See Florida Statutes 627.9903
(b) Insurance offered by the lender or servicer and elected by the mortgagor at the mortgagor‘s option.
(c) Insurance purchased by a lender or servicer on real estate owned property.
(d) Insurance for which no specific charge is made to the mortgagor or the mortgagor’s account.