Section 27-22-64 - Accrual of interest(a) If a lender fails to provide notice as required by Section 27-22-61 or Section 27-22-62, interest begins to accrue on the date the lender received the insurance proceeds.(b) If a lender fails to release insurance proceeds as required by Section 27-22-62, interest begins to accrue on the date the lender receives sufficient evidence of the insured's compliance with the requirements specified by the lender under Section 27-22-61 or Section 27-22-62 for release of the proceeds.(c) Interest stops accruing on the date the lender complies with Section 27-22-61 or Section 27-22-62, as applicable.Ala. Code § 27-22-64 (1975)
Added by Act 2019-460,§ 5, eff. 9/1/2019.