An industrial loan company may collect the costs of title insurance for loans secured primarily by real property. The costs for such insurance may be collected if:
(1)
The principal amount of the loan is at least one thousand dollars ($1,000);
(2)
The loan is secured by a lien of a deed of trust or mortgage on real property which is the subject of such policy of title insurance;
(3)
The policy of title insurance is made payable to the lender or jointly to such
lender and the borrower as their interests may appear;
(4)
The coverage of such insurance may not exceed the lesser of the principal amount of the loan or the fair market value of the real property less prior encumbrances;
(5)
The insurance is placed at standard rates through a title insurance company authorized to do business in the State of California;
(6)
In connection with the renewal or extension of a loan, the additional cash advance is at least one thousand dollars ($1,000).
Such costs as herein authorized are not included in the maximum charges which may be made under this division.