Cal. Code Regs. tit. 10 § 40.800

Current through Register 2024 Notice Reg. No. 52, December 27, 2024

Section 40.800 - Insurance Premiums: Charge Before Effective Date

No insurance premium shall be charged to or collected from a borrower prior to the effective date of such insurance. However, in the event of refinancing of a loan, existing insurance may be extended to the maturity date of the new loan and the additional premium may be charged to or collected from the borrower at the time the loan is refinanced. The cost of the insurance to replace the unexpired insurance shall not exceed the original premium cost of such unexpired insurance. The cost of the insurance for the additional term may be computed at rates currently in effect.

Cal. Code Regs. Tit. 10, § 40.800

1. Change without regulatory effect adding new article 8 (sections 40.800-40.815) and renumbering former section 1186 to new section 40.800 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. Reference: Section 18294, Financial Code.

1. Change without regulatory effect adding new article 8 (sections 40.800-40.815) and renumbering former section 1186 to new section 40.800 and adding new Note filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).