379.1853. Effective, when — terminates, when — charges, limitation on length of term. — 1. Lender-placed insurance shall become effective no earlier than the date of lapse of insurance upon mortgaged real property subject to the terms of a mortgage agreement or any other state or federal law requiring the same.
2. Individual lender-placed insurance shall terminate on the earliest of the following dates:
(1) The date insurance that is acceptable under the mortgage agreement becomes effective, subject to the mortgagor providing sufficient evidence of such acceptable insurance;
(2) The date the applicable real property no longer serves as collateral for a mortgage loan pursuant to a mortgage agreement;
(3) Such other date as specified by the individual policy or certificate of insurance;
(4) Such other date as specified by the lender or servicer; or
(5) The termination date of the policy.
3. An insurance charge shall not be made to a mortgagor for lender-placed insurance for a term longer than the scheduled term of the lender-placed insurance, nor shall an insurance charge be made to the mortgagor for lender-placed insurance before the effective date of the lender-placed insurance.
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(L. 2023 S.B. 101)