OK HB1624

Requires lenders holding insurance proceeds from residential property damage claims to notify insureds within 10 days of receipt regarding all requirements the insured must meet for release of funds.

Mandates lenders release requested insurance proceeds within 10 days of receiving a release request, either by releasing funds upon sufficient compliance evidence or by providing written explanation of denial reasons and additional requirements.

Imposes a penalty of 10% annual interest on held proceeds, accruing from when lender receives evidence of insured compliance until lender complies with notification and release requirements.

Requires lienholders on personal property to endorse insurance claim checks or provide written denial within 14 business days of receiving the endorsement request, or face civil penalties up to $500 per violation enforceable by the Attorney General.

Effective date: November 1, 2013.