§14A-4-101. Short title.
This article shall be known and may be cited as Uniform Consumer Credit Code – Insurance. Added by Laws 1969, c. 352, § 4-101, eff. July 1, 1969.
§14A-4-301. Property insurance.
(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless: (a)the insurance covers a substantial risk of loss of or damage to property related to the credit transaction; (b)the amount, terms, and conditions of the insurance are reasonable in relation to the character […]
§14A-4-102. Scope – Applicability to parties.
(1) Except as provided in subsection (2), this article applies to insurance provided or to be provided in relation to a consumer credit sale (Section 2-104), a consumer lease (Section 2-106), or a consumer loan (Section 3-104). (2) The provision on cancellation by a creditor (Section 4-304) applies to loans the primary purpose of which […]
§14A-4-302. Insurance on creditor’s interest only.
If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the debtor is on the debtor only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only […]
§14A-4-103. Definition: “Consumer credit insurance”.
As used in the Uniform Consumer Credit Code, “consumer credit insurance” means insurance, other than insurance on property as provided for in Section 4-301 of this title, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include: (a)insurance provided in relation to a credit transaction in […]
§14A-4-303. Liability insurance.
A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability arising out of the ownership or use of property related to the credit transaction. Added by Laws 1969, c. 352, § 4-303, eff. July 1, 1969.
§14A-4-104. Creditor’s provision of and charge for insurance – Excess amount of charge.
(1) Except as otherwise provided in this article and subject to the provisions on additional charges (Section 2-202 and Section 3-202) and maximum charges (Part 2 of Article 2 and Article 3), a creditor may agree to provide insurance, and may contract for and receive a charge for insurance separate from and in addition to […]
§14A-4-304. Cancellation by creditor.
A creditor shall not request cancellation of a policy of property or liability insurance except after the debtor’s default or in accordance with a written authorization by the debtor, and in either case the cancellation does not take effect until written notice is delivered to the debtor or mailed to him at his address as […]
§14A-4-105. Conditions applying to insurance to be provided by creditor.
If a creditor agrees with a debtor to provide insurance (1) the insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor, or sent to him at his address as stated by him, within thirty (30) days after the term of the insurance commences under the agreement between the […]
§14A-4-106. Unconscionability.
(1) In applying the provisions of the act on unconscionability (Sections 5-108 and 6-111) to a separate charge for insurance, consideration shall be given, among other factors, to (a)potential benefits to the debtor including the satisfaction of his obligations; (b)the creditor’s need for the protection provided by the insurance; and (c)the relation between the amount […]