Accrual of interest.

(a) If a lender fails to provide notice as required by Section 27-22-61 or Section 27-22-62, interest begins to accrue on the date the lender received the insurance proceeds.

(b) If a lender fails to release insurance proceeds as required by Section 27-22-62, interest begins to accrue on the date the lender receives sufficient evidence of the insured's compliance with the requirements specified by the lender under Section 27-22-61 or Section 27-22-62 for release of the proceeds.

(c) Interest stops accruing on the date the lender complies with Section 27-22-61 or Section 27-22-62, as applicable.

(Act 2019-460, §5.)