- Truly Agreed To and Finally Passed -

SB 1086 - This act restricts lenders from requiring borrowers to obtain homeowners insurance in an amount exceeding the replacement value of the improvements and contents of the real property as a condition of financing a residential mortgage. A violation of this provision shall not affect the validity of the loan, note secured by a deed of trust, mortgage, or deed of trust. This provision can also be found in HB 1291 (2004).

STEPHEN WITTE