Sec 20-452.02. Exceptions

Latest version.

Section 20-452.01 shall not prevent:

1. The exercise by any person engaged in such business of his right to approve or disapprove of the insurer selected to underwrite the insurance, nor of his right to furnish such insurance or to renew any insurance required by the contract of sale or trust deed or other loan agreement if the borrower or purchaser shall have failed to furnish the insurance or renewal thereof within such reasonable time or form as may be specified in the sale or loan agreement.

2. Any lender from recommending to any borrower or prospective borrower the placing of insurance with a specified insurer, or through a specified insurer or person transacting insurance, as long as such recommendation does not violate the provisions of section 20-452.01.

3. The free choice of insurer or person transacting insurance by any borrower or purchaser at any time, and he may revoke any designation of insurer or person transacting insurance at any time, irrespective of the provisions of any loan or purchase agreement or trust deed.

                    
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