(a) A savings and loan association, financial institution, national bank, 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 fair market value of the buildings or appurtenances on the mortgaged premises.
(b) This section shall not be construed as limiting the right of the mortgagor to purchase replacement cost coverage on the property which is the subject of the mortgage.
Section: Previous 23-32-202 23-32-203 23-32-204 23-32-205 23-32-206 23-32-207 23-32-208 23-32-209 23-32-210 NextLast modified: November 15, 2016