Bill > S1408

This bill amends existing Florida statutes to add requirements for mortgagees and assignees holding certain insurance proceeds pending completion of damage repairs. It specifies that the proceeds must be deposited into an interest-bearing account for the benefit of the insured, and the mortgagee or assignee must notify the insured of the requirements to release the proceeds and distribute the accrued interest to the insured. The bill also creates a new section that applies similar requirements to financial institutions and their subsidiaries holding insurance proceeds related to mortgage loans. Additionally, it provides exceptions for insurers paying the insured directly for additional living expenses or contents insurance coverage when the mortgagee or financial institution does not have a security interest in the contents.

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https://www.flsenate.gov/Session/Bill/2020/1408