16a-4-104. (UCCC) Creditor's provision of and charge for insurance; excess amount of charge.
16a-4-104
16a-4-104. (UCCC) 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 16a-2-501) and maximum finance
charges (parts 2 and 4 of article 2), a creditor may agree to provide
insurance, and may contract for and receive a charge for insurance separate
from and in addition to other charges. A creditor need not make a separate
charge for insurance provided or required by him. This act does not
authorize the issuance of any insurance prohibited under any statute, or
rule thereunder, governing the business of insurance.
(2) The excess amount of a charge for insurance provided for in
agreements in violation of this article is an excess charge for the
purposes of the provisions of the article on remedies and penalties
(article 5) as to effect of violations on rights of parties (section
16a-5-201) and of the provisions of the article on administration (article
6) as to civil actions by the administrator (section 16a-6-113).
History: L. 1973, ch. 85, § 64; Jan. 1, 1974.