HB 1331 Summary

• Requires creditors in residential foreclosure actions to send a copy of the filed complaint to the insurance company of record for the property.

• Extends the notice period for property insurance cancellation from ten days to twenty days when the insurer receives a copy of a foreclosure complaint concerning the property.

• Applies to foreclosure actions filed after June 30, 2009, and becomes effective July 1, 2010.

• Amends IC 27-7-12-3 regarding insurance cancellation procedures and IC 32-30-10.5-8 regarding residential foreclosure proceedings.