(a) A state bank, 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 23-47-502 23-47-503 23-47-504 23-47-505 23-47-506 23-47-507 23-47-508 23-47-509 23-47-510Last modified: November 15, 2016