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Civil Section 2955.5

California Civil Code Section 2955.5, Cal Civ Code, CA Civil Statutes

Personal Injury Lawyers

California Civil Code, CC Section 2955.5, Cal Civ Code

California Civil Code

CA Civil Code Section 2955.5 - Mortgage Hazard Insurance Coverage

Current as of July 15, 2010

Cal. Civ. Code Section 2955.5.(a) No lender shall require a borrower, as a condition of receiving or maintaining a loan secured by real property, to provide hazard insurance coverage against risks to the improvements on that real property in an amount exceeding the replacement value of the improvements on the property. (b) A lender shall disclose to a borrower, in writing, the contents of subdivision (a), as soon as practicable, but before execution of any note or security documents. (c) Any person harmed by a violation of this section shall be entitled to obtain injunctive relief and may recover damages and reasonable attorney's fees and costs. (d) A violation of this section does not affect the validity of the loan, note secured by a deed of trust, mortgage, or deed of trust. (e) For purposes of this section: (1) "Hazard insurance coverage" means insurance against losses caused by perils which are commonly covered in policies described as a "Homeowner's Policy," "General Property Form," "Guaranteed Replacement Cost Insurance," "Special Building Form," "Standard Fire," "Standard Fire with Extended Coverage," "Standard Fire with Special Form Endorsement," or comparable insurance coverage to protect the real property against loss or damage from fire and other perils covered within the scope of a standard extended coverage endorsement. (2) "Improvements" means buildings or structures attached to the real property.

Cal Civil Code Section 2955.5, as with many Cal. Civ. Code Sections, can be extremely important to the outcome of your civil dispute or other legal issue. If you have a civil, business, contract, consumer, real estate, litigation, or other legal matter and are either considering or facing litigation and need the advice of a civil attorney with over thirty years of experience in California and internationally, call the Law Firm of Business Lawyer, Sebastian Gibson for immediate help with your situation. With offices in Southern California, Business Attorney Sebastian Gibson can assist you with your legal matter without delay.

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