Section 302 – Insurance on creditor’s interest only.
70C-6-302. 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, […]
Section 303 – Liability insurance.
70C-6-303. Liability insurance. A creditor may not contract for or receive a separate charge for insurance against liability arising out of the ownership or use of property related to the credit transaction, unless the insurance covers a significant risk of liability. Enacted by Chapter 159, 1985 General Session
Section 304 – Cancellation by creditor.
70C-6-304. Cancellation by creditor. A creditor may 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 […]
Section 103 – Creditor’s provision of and charge for insurance — Excess amount of charge.
70C-6-103. Creditor’s provision of and charge for insurance — Excess amount of charge. (1) Except as otherwise provided in this chapter, a creditor may agree to provide insurance. If insurance is not required, a charge for such insurance shall be separate from and in addition to other charges. A creditor shall separately disclose any charge […]
Section 104 – Conditions applying to insurance to be provided by creditor.
70C-6-104. 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 30 days after the term […]
Section 105 – Maximum charge by creditor for insurance.
70C-6-105. Maximum charge by creditor for insurance. If a creditor contracts for or receives a separate charge for insurance, the amount charged the debtor for the insurance may not exceed the premium to be charged by the insurer, without deduction for commissions, as computed at the time the charge to the debtor is determined, conforming […]
Section 106 – Refund or credit required — Amount.
70C-6-106. Refund or credit required — Amount. (1) A debtor or his estate is entitled to any rebate or refund due from an insurer and to any unearned part of a separate charge for insurance previously paid by the debtor, resulting from the prepayment of a consumer credit debt, except when all refunds and credits […]
Section 107 – Existing insurance — Choice of insurer.
70C-6-107. Existing insurance — Choice of insurer. If a creditor requires insurance, upon notice to the creditor the debtor may provide the required insurance through an existing policy of insurance owned or controlled by the debtor, or through a policy to be obtained and paid for by the debtor, but the creditor may for reasonable […]
Section 108 – Charge for insurance in connection with a deferral, refinancing, or consolidation — Duplicate charges.
70C-6-108. Charge for insurance in connection with a deferral, refinancing, or consolidation — Duplicate charges. A creditor may contract for and receive a separate charge for insurance in connection with a deferral, a refinancing, or a consolidation if: (1) the debtor agrees at or before the time of the deferral, refinancing, or consolidation that the […]
Section 201 – Term of insurance.
70C-6-201. Term of insurance. (1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not this evidence is required, the term of the insurance shall commence no later than when the debtor becomes obligated to the creditor or when the debtor […]