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ROBERT L. EHRLICH, JR., Governor S.B. 913
[(d)] (H) (1) If a binder is given to a consumer borrower to satisfy a lender's
requirement that the borrower obtain property insurance or credit loss insurance as a
condition of making a loan secured by a first mortgage or first deed of trust on an
interest in owner-occupied residential real property, the insurer or its insurance
producer shall include in or with the binder:
(i) the name and address of the insured consumer borrower;
(ii) the name and address of the lender;
(iii) a description of the insured residential real property;
(iv) a provision that the binder may not be canceled within the term
of the binder unless the lender and the insured borrower receive written notice at
least [10] 15 days before the cancellation;
(v) except in the case of the renewal of a policy after the closing of
a loan, a paid receipt for the full amount of the applicable premium; and
(vi) the amount of coverage.
(2) With respect to a binder given under this subsection, an insurer:
(i) if the binder is to be canceled, shall give the lender and the
insured consumer borrower at least [10] 15 days' written notice before the
.cancellation; and
(ii) within [30] 45 days after the date the binder was given, shall
issue a policy of insurance or provide the required notice of cancellation of the binder.
27-601.
[(a) This section does not apply to policies of:
(1) life insurance;
(2) health insurance;
(3) motor vehicle liability insurance issued to a resident of a household
in the State as set forth in § 27-605 of this subtitle; or
(4) surety insurance.]
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(B) (1) "COMMERCIAL INSURANCE" MEANS PROPERTY INSURANCE OR
CASUALTY INSURANCE ISSUED TO AN INDIVIDUAL, A SOLE PROPRIETOR,
PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, OR SIMILAR ENTITY
AND INTENDED TO INSURE AGAINST LOSS ARISING FROM THE BUSINESS PURSUITS
OF THE INSURED ENTITY.
(2) "COMMERCIAL INSURANCE" DOES NOT INCLUDE:
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