A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless: The insurance covers a substantial risk of loss of or damage to property related to the credit transaction; The amount, terms, and conditions of the insurance are reasonable in relation to the character and […]
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 consumer is on the consumer only to the extent of any deficiency in the effective coverage of the insurance even though the insurance covers only […]
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. Source: L. 2000: Entire article R&RE, p. 1232, § 1, effective July 1. Editor’s note: This section […]
This section does not apply to an insurance premium loan. A creditor shall not request cancellation of a policy of property or liability insurance except after the consumer’s default or in accordance with a written authorization by the consumer, and in either case the cancellation does not take effect until written notice is delivered to […]
