Notice at Closing of Required Insurance
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Question:
Is it required to have a separate "Agreement to Provide Insurance" form signed for non-real estate secured loans? We are in Tennessee and currently have a section in the Security Agreement that prints with the Note which states the borrower agrees to keep the property insured and if they fail to provide insurance, then the bank may place insurance on the property (Creditor-Placed Insurance Notice) and pass that cost to the borrower.