16a-4-302. (UCCC) Insurance on creditor's interest only.

16a-4-302

Chapter 16a.--CONSUMER CREDIT CODE

Part 3 PROPERTY AND LIABILITY INSURANCE
Article 4.--INSURANCE

16a-4-302. (UCCC) Insurance on creditor's interest only.
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 the interest of the creditor.

History: L. 1973, ch. 85, § 77; Jan. 1, 1974.