SB 142 SD2

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)