California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 40 - Industrial Loans
Article 8 - Insurance
Section 40.812 - Requirement of Cancellation of Existing Insurance Prohibited
Universal Citation: 10 CA Code of Regs 40.812
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
An industrial loan company shall not, as a condition precedent to the making of a loan, require a borrower to cancel any existing insurance. The borrower shall have sole discretion as to whether existing insurance shall be maintained or canceled.
1. Change without regulatory effect renumbering former section 1194 to new section 40.812 and adding new NOTE filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
Note: Authority cited: Section 18347, Financial Code.
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