Cal. Code Regs. Tit. 10, § 1495 - Payment of Insurance Claims to Lender: Retention of Insurance Policies by Lender: Limitations

Neither a finance company, a company affiliated with such finance company, nor officers, directors, or employees of such finance company or such affiliate shall accept from insurance companies remittances in payment of claims under policies of insurance upon property securing a loan or hold such insurance policies for borrowers unless such policies of insurance protect the finance company such as a coinsured or by a loss payable clause or otherwise. In the event a remittance under a policy in which a lender is not a loss payee should be received by any of the persons herein named, it shall immediately be forwarded by mail to the insurance carrier for proper transmittal.

Notes

Cal. Code Regs. Tit. 10, § 1495

Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150,22311, 22312 and 22313, Financial Code.

1. Amendment filed 12-29-83; effective thirtieth day thereafter (Register 83, No. 53).
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).