The Florida Senate

¹624.6085  "Collateral protection insurance" defined.--For purposes of ss. 215.555, 627.311, and 627.351, "collateral protection insurance" means commercial property insurance under which a creditor is the primary beneficiary and policyholder and which protects or covers an interest of the creditor arising out of a credit transaction secured by real or personal property. Initiation of such coverage is triggered by the mortgagor's failure to maintain insurance coverage as required by the mortgage or other lending document. Collateral protection insurance is not residential coverage.

History.--s. 10, ch. 99-204.

¹Note.--Section 16, ch. 99-204, provides that "[t]his act shall take effect October 1, 1999, and shall apply to policies and contracts issued or renewed on or after that date."