Cal. Code Regs. Tit. 10, § 1494 - Requirement of Cancellation of Existing Insurance Prohibited
A finance company shall not as a condition precedent to the making of a loan require a borrower to cancel any existing insurance. The borrower shall have sole discretion as to whether existing insurance shall be maintained or canceled.
Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150,22311, 22312 and 22313, Financial Code.
2. Change without regulatory effect amending Note filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).
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