§ 83-13-10. Restrictions on disclosure of expiration date of insurance on mortgaged property.
(1) When a real property deed of trust or mortgage or a lending agreement in connection with a loan on real property provides that a mortgagor or borrower shall furnish insurance upon the mortgaged property, the mortgagee, assignee or creditor shall not disclose expiration dates or other policy information to other persons or parties, directly or indirectly, and such other persons or parties shall not request the disclosure of such information, so as to enable any person or party to solicit said insurance or any renewal thereof, without first obtaining the written consent of the policyholder for such disclosure to be made when the mortgagee, assignee or creditor has been advised in writing by the insurer or its agent that the insurance on the property will be cancelled or will not be renewed.
(2) Willful violation of this section by any mortgagee, assignee or creditor, or by other persons or parties who may request the disclosure of such information from such mortgagee, assignee or creditor, shall be punishable by a fine not to exceed five hundred dollars ($500.00) for each violation.
Sources: Laws, 1974, ch. 516, §§ 1, 2, eff from and after passage (approved April 4, 1974).
§ 83-13-10. Restrictions on disclosure of expiration date of insurance on mortgaged property.
(1) When a real property deed of trust or mortgage or a lending agreement in connection with a loan on real property provides that a mortgagor or borrower shall furnish insurance upon the mortgaged property, the mortgagee, assignee or creditor shall not disclose expiration dates or other policy information to other persons or parties, directly or indirectly, and such other persons or parties shall not request the disclosure of such information, so as to enable any person or party to solicit said insurance or any renewal thereof, without first obtaining the written consent of the policyholder for such disclosure to be made when the mortgagee, assignee or creditor has been advised in writing by the insurer or its agent that the insurance on the property will be cancelled or will not be renewed.
(2) Willful violation of this section by any mortgagee, assignee or creditor, or by other persons or parties who may request the disclosure of such information from such mortgagee, assignee or creditor, shall be punishable by a fine not to exceed five hundred dollars ($500.00) for each violation.
Sources: Laws, 1974, ch. 516, §§ 1, 2, eff from and after passage (approved April 4, 1974).
§ 83-13-10. Restrictions on disclosure of expiration date of insurance on mortgaged property.
(1) When a real property deed of trust or mortgage or a lending agreement in connection with a loan on real property provides that a mortgagor or borrower shall furnish insurance upon the mortgaged property, the mortgagee, assignee or creditor shall not disclose expiration dates or other policy information to other persons or parties, directly or indirectly, and such other persons or parties shall not request the disclosure of such information, so as to enable any person or party to solicit said insurance or any renewal thereof, without first obtaining the written consent of the policyholder for such disclosure to be made when the mortgagee, assignee or creditor has been advised in writing by the insurer or its agent that the insurance on the property will be cancelled or will not be renewed.
(2) Willful violation of this section by any mortgagee, assignee or creditor, or by other persons or parties who may request the disclosure of such information from such mortgagee, assignee or creditor, shall be punishable by a fine not to exceed five hundred dollars ($500.00) for each violation.
Sources: Laws, 1974, ch. 516, §§ 1, 2, eff from and after passage (approved April 4, 1974).
