61-2d-107. Prohibition on single premium credit life insurance.
A borrower credit transaction involving a high-cost mortgage may not include:
A borrower credit transaction involving a high-cost mortgage may not include:
- (1) the offer or sale of any insurance policy, on a single premium or single fee basis, that insures, guarantees, or indemnifies the repayment of the outstanding balance of the loan against:
- (a) death;
- (b) illness;
- (c) accident;
- (d) disability; or
- (e) unemployment of the borrower; or
- (2) debt cancellation or a debt suspension agreement.
Enacted by Chapter 252, 2004 General Session