No person who makes a loan on real or personal property shall in connection with such a transaction make any separate charge or require a fee or payment of any money for the substitution by a borrower or a mortgagor or a purchaser of one insurance policy on the property for an existing policy on the property when the existing or substituted policy is provided through an insurer or insurance agent licensed to do business in the state.
Effective: June 18, 1970
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Terms Used In Kentucky Statutes 304.12-160

  • agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Personal property: All property that is not real property.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010

History: Created 1970 Ky. Acts ch. 301, subtit. 12, sec. 16, effective June 18, 1970.

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