Tenn. Code Ann. § 47-23-101(a)(1) sets forth the following prohibition:
“When a borrower is required to keep real estate insured and to furnish evidence of such insurance to a lender as a condition for obtaining or keeping the loan, then the lender, mortgagee, assignee, or creditor is prohibited from disclosing to other persons or parties, directly or indirectly, information with respect to the expiration dates of such insurance or other insurance policy information so as to enable any person or party to solicit the insurance or any renewal thereof, without first obtaining the written consent of the policyholder for such disclosure to be made.”
In order to enable clients who wish to share their borrower’s insurance policy information to comply with Tennessee law, we will now be providing as an “upon request” document, Cx18480. This document explains to the borrower the prohibitions under Ibid. and allows them to either consent to the disclosure of such information, or to specifically withhold such consent. The language concerning consent or withholding of consent is indicated through checkboxes, with the boxes checking based on Field 81932 (Allow Insurance Solicitation). Once requested, the document will print in Tennessee Initial Disclosure packages.
This document will be available June 24, 2014. If you have any questions or concerns about this change please contact Client Support at 1.800.497.3584.
June 27, 2014