Not later than 10 days after the date a lender receives from the insured a request for release of all or part of the insurance proceeds held by the lender, the lender shall do either of the following:

(1) If the lender has received sufficient evidence of the insured’s compliance with the requirements specified by the lender under Section 27-22-61 for release of the proceeds, the lender shall release to the insured, as requested, all or part of the proceeds.
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Terms Used In Alabama Code 27-22-62

  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • following: means next after. See Alabama Code 1-1-1
(2) Provide notice to the insured that explains specifically both of the following:

a. The reason for the lender’s refusal to release the proceeds to the insured.
b. Each requirement with which the insured must comply for the lender to release the proceeds.
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