Did not become law. It stopped in the Senate's Insurance Committee on January 31, 2023. The 2023 session has ended.
2023 Regular Session
Senate Bill 2635
Lender-placed insurance on real property; provide framework for regulating.
What it does
The synopsis the Legislature published with the bill.
AN ACT TO PROVIDE FOR FRAMEWORK FOR THE DEPARTMENT OF INSURANCE TO REGULATE LENDER-PLACED INSURANCE ON REAL PROPERTY; TO PROVIDE CERTAIN EXCLUSIONS TO THE ACT; TO PLACE CERTAIN REQUIREMENTS ON LENDER-PLACED INSURANCE POLICIES; TO REQUIRE CERTAIN CALCULATIONS TO BE FOLLOWED FOR DETERMINING THE REPLACEMENT COST VALUE OF REAL PROPERTY THAT ARE SUBJECT TO SUCH POLICY; TO PROHIBIT INSURANCE PRODUCERS OR INSURERS FROM ISSUING LENDER-PLACED INSURANCE OR MORTGAGED PROPERTY IF THE INSURER OR INSURANCE PRODUCER OR AFFILIATE OF THE INSURER OR INSURANCE PRODUCER, OWNS, PERFORMS THE SERVICING FOR, OR OWNS THE SERVICING RIGHT TO THE MORTGAGED PROPERTY; TO PROHIBIT NO INSURER OR INSURANCE PROVIDER FROM COMPENSATING A LENDER, INSURER, INVESTOR OR SERVICER, INCLUDING THROUGH THE PAYMENT OF COMMISSIONS, FOR LENDER-PLACED INSURANCE POLICIES ISSUED BY THE INSURER; TO ESTABLISH CERTAIN PROHIBITIONS; TO PROVIDE CERTAIN EXCEPTIONS TO THE APPLICATION OF THE ACT; TO SET CERTAIN REQUIRED ELEMENTS OF LENDER-PLACED INSURANCE POLICIES; TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO ENFORCE THE PROVISIONS OF THE ACT; TO AUTHORIZE THE DEPARTMENT OF INSURANCE TO IMPOSE A MONETARY PENALTY FOR VIOLATIONS OF THE ACT; AND FOR RELATED PURPOSES.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
In the Senate
Sponsor
Its course
January 16 to January 31, 2023, on one scale. In the top row each mark is a day something happened; taller marks are busier days.
Each committee stop sits inside its chamber.
Every action2 actions on 2 days
In the SenateJan 16 to Jan 31 · stopped15 days
InsuranceJan 16 to Jan 31 · stopped15 days
Text
Each version as the Legislature printed it.
l9n doesn't hold this bill's text yet.
What happened
In l9n's words, one line for each step. Every action as the Legislature published it is below.