California Financial Code

§ 22313

FIN § 22313 Effective Jan 1, 1995Div. 9 · Ch. 2 · Art. 3

Statute text

Insurance on tangible personal or real property offered as security shall not be deemed to be a collateral sale, purchase, or agreement within the terms of Section 22201, 22311, or 22312, when all the following requirements are met:

(a)The insurance is sold at standard rates through licensed insurance brokers or agents.

(b)The policy is written to cover the property that is offered as security for a loan.

…

Legislative history

Added by Stats. 1994, Ch. 1115, Sec. 2. Effective January 1, 1995. Operative July 1, 1995, by Sec. 5 of Ch. 1115.