The purpose of this part is to: (1) Promote the public welfare by regulating collateral protection insurance on real property. (2) Create a legal framework within which collateral protection insurance on real property may be written in this state. (3) Help maintain the separation between the lenders and servicers and the insurers and insurance agents. (4) Minimize the possibility of unfair competitive practices in the sale, placement, solicitation, and negotiation of collateral protection insurance.
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