{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-415.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-415.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-415.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-415.html"}],"law_id":374244,"edition_id":2,"section_id":374244,"structure_id":53215,"section_number":"6.2-415","catch_line":"Lender not to cancel insurance policy at time of refinancing under certain circumstances","history":"1995, c. 175, \u00a7 6.1-2.9:6; 2010, c. 794.","full_text":"A\n\nNo lender shall require a borrower or debtor, for the protection of property securing the credit or lien, to cancel an existing insurance policy on such property at the time of a refinancing solely to change the effective dates of coverage under the policy, unless the expiration date of such policy is within four months of the date of the closing.\n\nB\n\nThe provision of subsection A shall not prevent a lender from requesting a new policy when the coverage under the existing policy is inadequate or there is reasonable concern over the soundness or services of the insurer.\n\n","order_by":null,"text":{"0":{"id":1397118,"text":"No lender shall require a borrower or debtor, for the protection of property securing the credit or lien, to cancel an existing insurance policy on such property at the time of a refinancing solely to change the effective dates of coverage under the policy, unless the expiration date of such policy is within four months of the date of the closing.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1397119,"text":"The provision of subsection A shall not prevent a lender from requesting a new policy when the coverage under the existing policy is inadequate or there is reasonable concern over the soundness or services of the insurer.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":53215,"edition_id":2,"name":"Loans Secured by Lien on Real Estate","identifier":"2","label":"article","depth":4,"order_by":2,"parent_id":53213,"metadata":{"child_laws":18,"child_structures":0},"date_created":"2026-08-02 03:13:12","date_modified":"2026-08-02 12:27:55","permalink":{"id":1490493,"object_type":"structure","relational_id":53215,"identifier":"2","token":"6.2\/I\/4\/2","url":"\/6.2\/I\/4\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53213,"edition_id":2,"name":"Certain Lending Practices","identifier":"4","label":"chapter","depth":3,"order_by":4,"parent_id":53153,"metadata":{"child_laws":38,"child_structures":5},"date_created":"2026-08-02 03:13:11","date_modified":"2026-08-02 12:27:55","permalink":{"id":1490465,"object_type":"structure","relational_id":53213,"identifier":"4","token":"6.2\/I\/4","url":"\/6.2\/I\/4\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53153,"edition_id":2,"name":"General Provisions","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":53152,"metadata":{"child_laws":99,"child_structures":18},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:54","permalink":{"id":1490253,"object_type":"structure","relational_id":53153,"identifier":"I","token":"6.2\/I","url":"\/6.2\/I\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":374235,"structure_id":53215,"section_number":"6.2-406","catch_line":"Disclosure of terms of mortgage application","url":"\/6.2-406\/","token":"6.2\/I\/4\/2\/6.2-406","metadata":{"court_decisions":""}},{"id":374236,"structure_id":53215,"section_number":"6.2-407","catch_line":"Lenders to furnish borrower with copy of appraisal","url":"\/6.2-407\/","token":"6.2\/I\/4\/2\/6.2-407","metadata":false},{"id":374237,"structure_id":53215,"section_number":"6.2-408","catch_line":"Priority of interest on debts secured by mortgage or deed of trust","url":"\/6.2-408\/","token":"6.2\/I\/4\/2\/6.2-408","metadata":false},{"id":374238,"structure_id":53215,"section_number":"6.2-409","catch_line":"Addition of unpaid interest to principal balance","url":"\/6.2-409\/","token":"6.2\/I\/4\/2\/6.2-409","metadata":false},{"id":374239,"structure_id":53215,"section_number":"6.2-410","catch_line":"Borrowers not to be required to employ particular professionals","url":"\/6.2-410\/","token":"6.2\/I\/4\/2\/6.2-410","metadata":{"court_decisions":""}},{"id":374240,"structure_id":53215,"section_number":"6.2-411","catch_line":"Requirements relating to insurance","url":"\/6.2-411\/","token":"6.2\/I\/4\/2\/6.2-411","metadata":false},{"id":374241,"structure_id":53215,"section_number":"6.2-412","catch_line":"Insurance coverage under certain loans not to exceed replacement value of improvements","url":"\/6.2-412\/","token":"6.2\/I\/4\/2\/6.2-412","metadata":false},{"id":374242,"structure_id":53215,"section_number":"6.2-413","catch_line":"Obligation of lender to reimburse unused mortgage guaranty insurance premiums","url":"\/6.2-413\/","token":"6.2\/I\/4\/2\/6.2-413","metadata":false},{"id":374243,"structure_id":53215,"section_number":"6.2-414","catch_line":"Obligation of person maintaining escrow account to pay taxes and insurance; penalties","url":"\/6.2-414\/","token":"6.2\/I\/4\/2\/6.2-414","metadata":false},{"id":374244,"structure_id":53215,"section_number":"6.2-415","catch_line":"Lender not to cancel insurance policy at time of refinancing under certain circumstances","url":"\/6.2-415\/","token":"6.2\/I\/4\/2\/6.2-415","metadata":false},{"id":374245,"structure_id":53215,"section_number":"6.2-416","catch_line":"Certain mortgages not to prohibit further encumbrance of real property","url":"\/6.2-416\/","token":"6.2\/I\/4\/2\/6.2-416","metadata":false},{"id":374246,"structure_id":53215,"section_number":"6.2-417","catch_line":"Mortgage or deed of trust to contain notice that debt is subject to call or modification on conveyance of property","url":"\/6.2-417\/","token":"6.2\/I\/4\/2\/6.2-417","metadata":false},{"id":374247,"structure_id":53215,"section_number":"6.2-418","catch_line":"Property owner entitled to written statement of payoff amount","url":"\/6.2-418\/","token":"6.2\/I\/4\/2\/6.2-418","metadata":false},{"id":374248,"structure_id":53215,"section_number":"6.2-419","catch_line":"Disclosure of terms of assumption","url":"\/6.2-419\/","token":"6.2\/I\/4\/2\/6.2-419","metadata":false},{"id":374249,"structure_id":53215,"section_number":"6.2-420","catch_line":"Prepayment penalty not to be collected in certain circumstances","url":"\/6.2-420\/","token":"6.2\/I\/4\/2\/6.2-420","metadata":false},{"id":374250,"structure_id":53215,"section_number":"6.2-421","catch_line":"Certain contracts to permit prepayment; amount of prepayment penalty","url":"\/6.2-421\/","token":"6.2\/I\/4\/2\/6.2-421","metadata":false},{"id":374251,"structure_id":53215,"section_number":"6.2-422","catch_line":"Prepayment penalty for loan secured by home occupied by borrower","url":"\/6.2-422\/","token":"6.2\/I\/4\/2\/6.2-422","metadata":false},{"id":374252,"structure_id":53215,"section_number":"6.2-423","catch_line":"Prepayment of loans secured by certain subordinate mortgages or deeds of trust; rebates for unearned interest","url":"\/6.2-423\/","token":"6.2\/I\/4\/2\/6.2-423","metadata":false}],"previous_section":{"id":374243,"structure_id":53215,"section_number":"6.2-414","catch_line":"Obligation of person maintaining escrow account to pay taxes and insurance; penalties","url":"\/6.2-414\/","token":"6.2\/I\/4\/2\/6.2-414","metadata":false},"next_section":{"id":374245,"structure_id":53215,"section_number":"6.2-416","catch_line":"Certain mortgages not to prohibit further encumbrance of real property","url":"\/6.2-416\/","token":"6.2\/I\/4\/2\/6.2-416","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-415\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 175<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1490531,"object_type":"law","relational_id":374244,"identifier":"6.2-415","token":"6.2\/I\/4\/2\/6.2-415","url":"\/6.2-415\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-415\/","token":"6.2\/I\/4\/2\/6.2-415","dublin_core":{"Title":"Lender not to cancel insurance policy at time of refinancing under certain circumstances","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-415","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No lender shall require a borrower or debtor, for the protection of property securing the credit or lien<\/span>, to cancel an existing insurance policy on such property at the time of a refinancing solely to change the effective dates of coverage under the policy, unless the expiration date of such policy is within four months of the date of the closing. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The provision of subsection A shall not prevent a lender from requesting a new policy when the coverage under the existing policy is inadequate or there is reasonable concern over the soundness or services of the insurer. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLENDER NOT TO CANCEL INSURANCE POLICY AT TIME OF REFINANCING UNDER CERTAIN\nCIRCUMSTANCES (\u00a7 6.2-415)\n\nA. No lender shall require a borrower or debtor, for the protection of property\nsecuring the credit or lien, to cancel an existing insurance policy on such\nproperty at the time of a refinancing solely to change the effective dates of\ncoverage under the policy, unless the expiration date of such policy is within\nfour months of the date of the closing.\n\nB. The provision of subsection A shall not prevent a lender from requesting a\nnew policy when the coverage under the existing policy is inadequate or there is\nreasonable concern over the soundness or services of the insurer.\n\nHISTORY: 1995, c. 175, \u00a7 6.1-2.9:6; 2010, c. 794.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}