Restriction

Act 51 of 2008, § 3, under MORTGAGE PROPERTY INSURANCE COVERAGE ACT - ENACTMENT.

Act 51 of 2008, § 3

Section 3. Restriction.

No lender may require a borrower, as a condition of obtaining or maintaining a secured loan, to obtain property insurance coverage which exceeds the replacement value of buildings and structures situate on the land used to secure the loan. A borrower on a loan secured by real property may not be required to insure the value of the land.