Nothing in this article shall prevent a mortgagee, lender, vendor, or holder from requiring insurance on the collateral security for a loan or exercising a reasonable privilege of approval or disapproval of the insurance provided for such purpose by the borrower, mortgagor or purchaser.
A.R.S. § 20-475
Reasonable requirements of security holder are valid
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.