A lender who fails to provide notice as required by Section 27-22-61 or Section 27-22-62 or to release insurance proceeds as required by Section 27-22-62 shall pay to the insured interest at the rate of 10 percent per year on the proceeds held by the lender.
Ala. Code § 27-22-63
Failure to Provide Notice or to Release Insurance Proceeds.
(Act 2019-460, §4.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.