58-2264. Insurance charges other than premiums on insurance written in connection with transactions unlawful.
58-2264
58-2264. Insurance charges other than premiums on insurance written inconnection with transactions unlawful.It shall be unlawful for any mortgagee, vendor, holder, or lender inconnection with any insurance required as additional security for a loan onreal estate to make any separate charge to either an insurance company,insurance agency, borrower, mortgagor or purchaser other than the insurancepremium on insurance written in connection with such transaction accordingto law: Provided, That the term "separate charge" as used in this actshall not include the interest which may be charged on premium loans orpremium advancements in accordance with the security instrument.
History: L. 1961, ch. 298, § 1; June 30.