There Is a Newer Version
of
the Arizona Revised Statutes
2012 Arizona Revised Statutes
Title 6 Banks and Financial Institutions
6-571 Insurance for members
Universal Citation:
AZ Rev Stat § 6-571 (through 2nd Reg Sess. 50th Leg. 2012)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
6-571. Insurance for members
A credit union may purchase or provide insurance on the lives or credit disability of its members in an amount equal to their respective share and loan balances or either or both of them and purchase or provide vendor's single interest property insurance coverages on property which is pledged as security if the borrower fails to provide evidence of adequate coverages placed with an insurance carrier selected by the borrower. Nothing in this section shall prohibit the lender from specifying reasonable requirements for coverages and the financial condition of the insurance carrier.
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