Concerning mortgagee clauses.

Summary

The bill changes how insurance money from a residential claim is distributed when a mortgagee clause is present. Insurers must limit any upfront contractor payment to the homeowner's deductible and must send at least half of the claim money straight to the homeowner, with many cases requiring all of it to go to the homeowner. Mortgagees must also quickly forward proceeds for contents or living‑expense coverage and any approved repair payments within two business days.

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