SB 142: PROPERTY INSURANCE; CLAIMS; PAYMENT; MORTGAGED PROPERTY; ELECTRONIC DELIVERY

Allows an insured to authorize the insurer to electronically remit claim proceeds to the insured's mortgagee when a homeowners insurance policy that covers a mortgaged property allows for the payment of proceeds by issuing a check.  Requires a mortgagee in receipt of electronic delivery of claim proceeds to deliver the proceeds of the claim to the insured in accordance with the mortgage agreement and the insurance policy.  Effective 7/1/2050.  (SD2)