16a-4-109

Chapter 16a.--CONSUMER CREDIT CODE

Part 1 INSURANCE IN GENERAL
Article 4.--INSURANCE

     
16a-4-109.   (UCCC) Existing insurance; choice of insurer; notice of option.
If a creditor requires insurance, the
consumer shall have the option of providing the required insurance through
an existing policy of insurance owned or controlled by the consumer, or
through a policy to be obtained and paid for by the consumer, but the
creditor may for reasonable cause decline the insurance provided by the
consumer.
The creditor shall provide the consumer with a written notice on the loan
agreement or other instrument fully informing the consumer of the option
authorized by this section.

     
History:   L. 1973, ch. 85, § 69;
L. 1988, ch. 153, § 2; July 1.