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.
Miss. Code Ann. § 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
Known as the Savings Association Law
The act spans §§ 81-12-1 to 81-12-99 (121 sections).
Laws, 1977, ch. 445, § 49(1); reenacted, Laws, 1982, ch. 301, § 82; Laws, 1990 Ex Sess, ch. 52, § 83; Laws, 1993, ch. 441, § 83; reenacted and amended, Laws, 1994, ch. 622, § 11…
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.