HB430 Summary

• Authorizes insurance premium finance companies to provide financing for wind mitigation construction charges in addition to insurance premiums, subject to Commissioner of Insurance approval.

• Adds a new definition of "wind mitigation construction financing" to Alabama Code Section 27-40-1 as a construction loan agreement between homeowners with homeowner insurance and authorized lenders for wind mitigation upgrades.

• Expands the definition of "licensee" in Section 27-40-1 to include premium finance companies offering wind mitigation construction financing.

• Amends Section 27-40-8 to require premium finance agreements to describe wind mitigation construction financing involved and list charges for such financing alongside insurance premiums.

• Becomes effective on the first day of the third month following passage and Governor approval.