A lender who fails to provide notice as required by Section 27-22-61 or Section 27-22-62 or to release insurance proceeds as required by Section 27-22-62 shall pay to the insured interest at the rate of 10 percent per year on the proceeds held by the lender.
Structure Code of Alabama
Chapter 22 - Property Insurance Contracts.
Article 4 - Insurance Payments to Lender.
Section 27-22-60 - Definitions.
Section 27-22-61 - Notice to Insured of Requirements for Release of Insurance Proceeds.
Section 27-22-62 - Duties of Lenders Upon Request of Release.
Section 27-22-63 - Failure to Provide Notice or to Release Insurance Proceeds.