HB 1291 (Truly Agreed) | Restricts lenders from requiring borrowers to obtain homeowners insurance exceeding the replacment value |
HB 1291 - 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 act is similar to SB
1086 (2004).
STEPHEN WITTE