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(a) Nothing in this chapter requires loan insurance of any type and no licensee may require the borrower to purchase any type of insurance that is payable directly to the licensee.
(b) All insurance sold under this section must be reasonably related to a likely hazard or risk of loss. Any person receiving compensation for the sale of insurance must be an agent licensed in this state, and the insurance policy sold by the licensee must be issued by an insurance company permitted to conduct the business of insurance in this state under AS 21.
(c) Property insurance may be purchased at the option of the borrower in an amount not to exceed the reasonable value of the insured property or the approximate amount of the loan or transaction, whichever is less.
(d) When a loan is paid by renewal and original loan collateral is retained as collateral for the renewed loan, any termination fee collected under AS 45.05 for the collateral held for the original loan must be carried forward and identified on the new payment record as a prepaid termination fee for the new loan.
History: In effect before 7/28/59; am 6/30/77, Register 62; am 4/13/79 Register 70; am 10/16/2003, Register 168
Authority: AS 06.20.260
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Last modified 7/05/2006