20-474. Service charges in connection with
insurance on collateral security prohibited when mortgagee procures
insurance


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.