Statutes, codes, and regulations
California Code Of Regulations
Title 10 - InvestmentChapter 1 - Commissioner of Business Oversight, Division of Financial InstitutionsSubchapter 40 - Industrial Loans
Article 8 - Insurance
Section 40.812 - Requirement of Cancellation of Existing Insurance Prohibited

Cal. Code Regs. tit. 10 § 40.812

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Current through Register 2024 Notice Reg. No. 52, December 27, 2024
Section 40.812 - Requirement of Cancellation of Existing Insurance Prohibited

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.

Cal. Code Regs. Tit. 10, § 40.812

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.

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).