Arizona Laws 20-472. Service charges in connection with insurance on collateral security prohibited when change of ownership
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It is unlawful for a mortgagee to require the payment of any insurance service charge for services performed in changing of the mortgagee’s records and accounts with regard to a change in ownership of the insured property held as security by the mortgagee and with regard to which the mortgagee issues a written beneficiary statement or assumption statement.
Terms Used In Arizona Laws 20-472
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Property: includes both real and personal property. See Arizona Laws 1-215