OK HB2434

Lenders holding insurance proceeds for residential property damage must notify the insured within 10 days of receiving payment about all requirements needed to release the funds

Lenders must release insurance proceeds or provide written explanation for refusal within 10 days of receiving a release request from the insured

Lenders who fail to comply must pay 10% annual interest on held proceeds, beginning when the insured meets release requirements and ending when the lender complies

Lienholders on personal property must endorse or approve insurance claim payments, or provide written denial reasons, within 14 business days of receiving a request

Lienholders violating the personal property endorsement requirements face civil penalties up to $500 per violation, enforceable by the Attorney General