Except for consumer lender loans regulated pursuant to section 6-636, for any loan that is secured by real property, a person shall not require as a condition of the loan that the borrower obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer.

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Terms Used In Arizona Laws 44-1208

  • Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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