California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 6 - California Financing Law
Article 6 - Insurance
Section 1488 - Limitations on Requirement and Sale of Insurance: General
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
The following are general limitations on the requirement and sale of insurance. These requirements are in addition to the requirements contained in Section 1489 of this Article for specific types of security.
(a) A finance company shall not require or sell insurance on any property securing a loan when:
(b) A finance company shall not require but may sell insurance on any property securing a loan when:
(c) A finance company shall take reasonable precautions to prevent the sale of insurance that will result in duplicate coverage.
(d) Vendors single interest insurance premiums may not be charged to borrowers.
1. New NOTE
filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
53).
2. Change without regulatory effect amending NOTE filed 6-14-95
pursuant to section
100, title 1, California Code of
Regulations (Register 95, No. 24).
Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150, 22311, 22312 and 22313, Financial Code.