Florida Regulations 69O-167.009: Mortgage Property Insurance Requirements Limited
Current as of: 2024 | Check for updates
|
Other versions
No mortgage lender shall, in connection with any application for a mortgage loan in this state which is secured by a mortgage on residential real estate located in this state, require any prospective mortgagor to obtain by purchase or otherwise a property insurance policy in excess of the replacement value of the covered premises as a condition for granting such a mortgage.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 626.9551(1) FS. History-New 1-27-92, Formerly 4-167.009, Amended 9-15-05.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 626.9551(1) FS. History-New 1-27-92, Formerly 4-167.009, Amended 9-15-05.
Terms Used In Florida Regulations 69O-167.009
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.