81-12-163 - Borrower's right to select attorney and obtain insurance in connection with loan; rules and regulations governing fire, casualty and title insurance. - Mississippi Statutes

§ 81-12-163. Borrower's right to select attorney and obtain insurance in connection with loan; rules and regulations governing fire, casualty and title insurance.
 

In connection with a loan, the borrower may be required to pay an attorney of his choice for services performed in connection with the loan; the borrower shall not be required to pay any attorney's fee to any attorney not selected by the borrower; and the borrower shall have the right to obtain at his own expense, if such insurance would be required by the lender, fire and casualty insurance on the property offered as security, or credit life insurance, from an insurance agent of the borrower's choice. The commissioner is empowered to promulgate rules and regulations governing the filing and maintenance by the borrower with the association of fire and casualty insurance on the property offered as security, and title insurance. But the commissioner shall not authorize title insurance in any company that is not authorized to do business in the State of Mississippi. 
 

Sources: Laws,  1977, ch. 445, § 49(1); reenacted, 1982, ch. 301, § 82; Laws, 1990 Ex Sess, ch. 52, § 83; Laws, 1993, ch. 441, § 83; reenacted and amended, 1994, ch. 622, § 115; reenacted without change, Laws,  1997, ch. 496, § 80; reenacted without change, Laws, 2001, ch. 488, § 82, eff from and after July 1, 2001.