Arizona Arizona Revised Statutes
§ 6-571 — Insurance for members
ARS § 6-571Title 6. Banks and Financial Institutions · Ch. 4. CREDIT UNIONS · Art. 8. Other Member Services
Statute text
View on source6-571. Insurance for members A credit union may purchase or provide insurance on the lives or credit disability of its members in an amount equal to their respective share and loan balances or either or both of them and purchase or provide vendor's single interest property insurance coverages on property which is pledged as security if the borrower fails to provide evidence of adequate coverages placed with an insurance carrier selected by the borrower. Nothing in this section shall prohibit the lender from specifying reasonable requirements for coverages and the financial condition of the insurance carrier.