CHAPTER 507

An Act to amend the Code of Virginia by adding in Chapter 1 of Title 38.1
thereof a section numbered 38.1-81.8, to provide that lenders of money
shall not make a charge for the substitution of insurance policies.

[H 488]
Approved March 31, 1962

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding in Chapter 1 of
Title 38.1 thereof a section numbered 38.1-31.8, as follows:

§ 38.1-31.3. No individual, partnership, corporation or association en-
gaged in financing the purchase of real or personal property or lending
money on the security of real or personal property, and no trustee, direc-
tor, officer, agent or other employee of any such lender, shall directly or
indirectly require that a purchaser, borrower or debtor pay a consideration
of any kind to substitute the insurance policy of one insurer of such
property for that of another, nor shall any such person or persons make
any charge for any change in the kind, type or amount of such insurance,
except for the premium charged for such insurance.