WILLIAM DONALD SCHAEFER, Governor Ch. 673

(b)  No binder shall be valid beyond the issuance of the
policy with respect to which it was given.

(c)  This section shall not apply to life or health
insurances.

(D) (1) IN CASES WHERE A BINDER IS GIVEN TO A CONSUMER
BORROWER IN ORDER TO SATISFY A LENDER'S REQUIREMENT THAT THE
INDIVIDUAL OBTAIN PROPERTY INSURANCE, TITLE INSURANCE, OR CREDIT
LOSS INSURANCE AS A CONDITION OF MAKING A LOAN SECURED BY A FIRST
MORTGAGE OR A FIRST DEED OF TRUST ON AN INTEREST IN
OWNER-OCCUPIED RESIDENTIAL REAL PROPERTY, THE INSURER OR ITS
AGENT 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 DAYS PRIOR TO
THE CANCELLATION; AND

(V)  EXCEPT IN THE CASE OF THE RENEWAL OF A
POLICY SUBSEQUENT TO 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
SECTION, AN INSURER SHALL:

(I)  IN THE CASE OF THE CANCELLATION OF THE
BINDER, PROVIDE THE LENDER AND THE INSURED CONSUMER BORROWER WITH
WRITTEN NOTICE OF THE CANCELLATION AT LEAST 10 DAYS PRIOR TO THE
CANCELLATION; AND

(II)  WITHIN 45 30 DAYS OF THE DATE THE BINDER
WAS GIVEN, EITHER ISSUE A POLICY OF INSURANCE OR PROVIDE THE
REQUIRED NOTICE OF CANCELLATION OF THE BINDER.

380.

Any insurer issuing a policy covering any property of a
borrower which has been pledged, mortgaged, or is subject to a
conditional contract of sale and who supplies such policy to the
lender must also issue to the owner or borrower of such property
a certificate setting forth the coverages provided in the policy
delivered to the lender, the exact amount of premium charged for

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