HB629.html

To amend Code Section 33-24-44.1 of the Official Code of Georgia Annotated, relating to procedure for cancellation of insurance policies upon request of the insured, so as to provide that it shall be unlawful for the holder of a security interest in real property to request the cancellation of any insurance covering the real property without the written consent of the owner of the property; to provide that it shall be unlawful for an insurer to cancel any insurance covering real property at the request of a secured party without the written consent of the owner of the property; to provide for remedies for violations; to provide for related matters; to repeal conflicting laws; and for other purposes.

Code Section 33-24-44.1 of the Official Code of Georgia Annotated, relating to procedure for cancellation of insurance policies upon request of the insured, is amended by adding at its end a new subsection (f) to read as follows:
"(f) It shall be unlawful for the holder of a security interest in real property to request the cancellation of any insurance covering the real property without the written consent of the owner of the property. It shall be unlawful for an insurer to cancel any insurance covering real property at the request of a party holding a security interest in the real property without the written consent of the owner of the property. Any person who violates the provisions of this subsection shall be liable to the owner of the real property for any actual damages incurred as a result of such violation, but in no event less than $1,000.00."