Lender-placed insurance, applicability — exceptions.

379.1850. Lender-placed insurance, applicability — exceptions. — 1. Sections 379.1850 to 379.1869 shall apply to insurers and insurance producers engaged in any transaction involving lender-placed insurance, as defined in section 379.1851 . 2. All lender-placed insurance written in connection with mortgaged real property, including manufactured homes and modular units, as defined in section 700.010 , is subject to the provisions of sections 379.1850 to 379.1869 , except: (1) Transactions involving extensions of credit primarily for business, commercial, or agricultural purposes; (2) Insurance offered by the lender or servicer and elected by the mortgagor at the mortgagor's option; (3) Insurance purchased by a lender or servicer on real estate owned property; (4) Insurance for which no specific charge is made to the mortgagor or the mortgagor's account. (L. 2023 S.B. 101)