AL SB353

Authorizes insurance premium finance companies to provide financing for wind mitigation construction charges in addition to their existing authority to finance insurance premiums.

Requires approval by the Alabama Commissioner of Insurance for any wind mitigation construction financing offered by licensees.

Defines "wind mitigation construction financing" as a construction loan agreement between a homeowner with an active homeowner insurance policy and an authorized lender for wind mitigation upgrades to the insured home.

Requires premium finance agreements to include descriptions of any wind mitigation construction financing involved and to disclose all charges, down payments, service charges, installment terms, and annual percentage rates.

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