Civil Code - CIV
DIVISION 3. OBLIGATIONS [1427 - 3273.69]
( Heading of Division 3 amended by Stats. 1988, Ch. 160, Sec. 14. ) PART 4. OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS [1738 - 3273.69]
( Part 4 enacted 1872. ) TITLE 14. LIEN [2872 - 3081]
( Title 14 enacted 1872. ) CHAPTER 2. Mortgage [2920 - 2968]
( Chapter 2 enacted 1872. ) ARTICLE 1. Mortgages in General [2920 - 2944.10]
( Article 1 enacted 1872. ) 2944.5.
No lender, mortgagee, or any third party having an interest in real or personal property shall refuse to accept a policy issued by an admitted insurer solely because the policy is issued for a continuous period without a fixed expiration date even though the policy premium is due and payable every six months, provided the lender, mortgagee, or third party is entitled to receive (a) notice of renewal from the insurer within 15 days of receipt of payment on the policy by the insured or (b) notice of cancellation or nonrenewal under the terms and conditions set
forth in Sections 678 and 2074.8 of the Insurance Code, whichever is applicable.
(Added by Stats. 1993, Ch. 522, Sec. 1. Effective January 1, 1994.)