20-1614. Debtor's option in satisfying
security


When consumer credit insurance is required as a condition to a loan or credit
transaction or as security for a debt, if so permitted by law, the debtor, upon request
to the creditor, shall have the option of satisfying the requirements by furnishing
existing policies of insurance in sufficient amount owned or controlled by the debtor or
by procuring the necessary coverage from any insurer authorized by the director.