Arizona Laws 20-474. Service charges in connection with insurance on collateral security prohibited when mortgagee procures insurance
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When a mortgagee or his agent at the inception of the mortgage procures the issuance of insurance for the mortgagor then the mortgagor may substitute a replacement policy within one year after the inception of the original policy procured by the mortgagee and it shall be unlawful for the mortgagee to charge an insurance service charge for services performed in changing the mortgagee’s records and accounts.
Terms Used In Arizona Laws 20-474
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.