6.1-2.9:6 - (Repealed effective October 1, 2010) Lender not to cancel insurance policy at time of refinancing u... - Virginia Statutes

§ 6.1-2.9:6. (Repealed effective October 1, 2010) Lender not to cancelinsurance policy at time of refinancing under certain circumstances.

No lender shall require a borrower or debtor, for the protection of propertysecuring the credit or lien, to cancel an existing insurance policy on suchproperty at the time of a refinancing solely to change the effective dates ofcoverage under the policy, unless the expiration date of such policy iswithin four months of the date of the closing. Nothing herein shall prevent alender from requesting a new policy when the coverage under the existingpolicy is inadequate or there is reasonable concern over the soundness orservices of the insurer.

(1995, c. 175.)