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23-32-206. Casualty insurance — Replacement cost coverage.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-32-206. Casualty insurance — Replacement cost coverage.
(a) A savings and loan association, financial institution, national bank, mortgage company, or any public or private mortgagee doing business in this state, 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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-32-206
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-32-206
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 335acd51bab82090c744c38c7f0015b6534bd55a309241cf531fdabba104dc37
Source location: content.xml paragraph 15953
Stored source content
23-32-206. Casualty insurance — Replacement cost coverage.
(a) A savings and loan association, financial institution, national bank, mortgage company, or any public or private mortgagee doing business in this state, 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.
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