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5-63-202. Requiring borrower to pay contribution to substitute one insurance policy for another.
Arkansas Code — all titles (historical 2020) · legal_authorities
5-63-202. Requiring borrower to pay contribution to substitute one insurance policy for another.
(a) No person, firm, or corporation engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property and no trustee, director, officer, agent, or other employee of any person, firm, or corporation engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property shall directly or indirectly require that a borrower pay a consideration of any kind to substitute the insurance policy of one (1) insurer for that of another insurer.
(b) Any violation of a provision of this section constitutes a violation, and upon conviction the violator shall be fined in any sum not less than one hundred dollars ($100) nor more than five hundred dollars ($500) for each offense.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 5-63-202
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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Record provenance
Stable record: arkansas_code:legal_authorities:5-63-202
Source file: gov.ar.code.title.05.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c3dc4eebb2340443c5592c1db0d5b58a92f60471baa789fba9af0769ff8ceb57
Source location: content.xml paragraph 22205
Stored source content
5-63-202. Requiring borrower to pay contribution to substitute one insurance policy for another.
(a) No person, firm, or corporation engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property and no trustee, director, officer, agent, or other employee of any person, firm, or corporation engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property shall directly or indirectly require that a borrower pay a consideration of any kind to substitute the insurance policy of one (1) insurer for that of another insurer.
(b) Any violation of a provision of this section constitutes a violation, and upon conviction the violator shall be fined in any sum not less than one hundred dollars ($100) nor more than five hundred dollars ($500) for each offense.
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