Senate Bill 1832

    Florida Senate - 1999                                  SB 1832

    By Senator Casas





    39-1080-99

  1                      A bill to be entitled

  2         An act relating to the Florida Insurance Code;

  3         defining the term "collateral protection

  4         insurance" for purposes of the code; providing

  5         an effective date.

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  7  Be It Enacted by the Legislature of the State of Florida:

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  9         Section 1.  As used in the Florida Insurance Code, as

10  defined in s. 624.01, Florida Statutes, the term "collateral

11  protection insurance" means commercial insurance of which a

12  creditor is the primary beneficiary and policyholder and which

13  protects or covers an interest of the creditor arising out of

14  a credit transaction secured by real or personal property.

15  Initiation of such coverage is triggered by the mortgagor's

16  failure to maintain insurance coverage as required by the

17  mortgage or other lending document. Collateral protection

18  insurance is not residential coverage.

19         Section 2.  This act shall take effect July 1, 1999.

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22                          SENATE SUMMARY

23    Defines the term "collateral protection insurance" for
      purposes of the Florida Insurance Code.
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