16a-4-108.(UCCC) Refund or credit required; amount.
(1) Upon prepayment in full of a consumer credit sale or consumer loan
by the proceeds of consumer credit insurance, the consumer or his estate is
entitled to a refund of any portion of a separate charge for insurance
which by reason or prepayment is retained by the creditor or returned to
him by the insurer unless the charge was computed from time to time on the
basis of the balances of the consumer's account.
(2) This article does not require a creditor to grant a refund or credit
to the consumer if all refunds and credits due to him under this article
amount to less than one dollar ($1), and except as provided in subsection
(1) does not require the creditor to account to the consumer for any
portion of a separate charge for insurance because
(a) the insurance is terminated by performance of the insurer's
obligation;
(b) the creditor pays or accounts for premiums to the insurer in amounts
and at times determined by the agreement between them; or
(c) the creditor receives directly or indirectly under any policy of
insurance a gain or advantage not prohibited by law.
(3) Except as provided in subsection (2), the creditor shall promptly
make or cause to be made an appropriate refund or credit to the consumer
with respect to any separate charge made to him for insurance if
(a) the insurance is not provided or is provided for a shorter term than
that for which the charge to the consumer for insurance was computed; or
(b) the insurance terminates prior to the end of the term for which it
was written because of prepayment in full or otherwise.
(4) A refund or credit required by subsection (3) is appropriate as to
amount if it is computed according to a method prescribed or approved by
the commissioner of insurance or a formula filed by the insurer with the
commissioner of insurance at least thirty (30) days before the consumer's
right to a refund or credit becomes determinable, unless the method or
formula is employed after the commissioner of insurance notifies the
insurer that he disapproves it.
16a-4-108.(UCCC) Refund or credit required; amount.
(1) Upon prepayment in full of a consumer credit sale or consumer loan
by the proceeds of consumer credit insurance, the consumer or his estate is
entitled to a refund of any portion of a separate charge for insurance
which by reason or prepayment is retained by the creditor or returned to
him by the insurer unless the charge was computed from time to time on the
basis of the balances of the consumer's account.
(2) This article does not require a creditor to grant a refund or credit
to the consumer if all refunds and credits due to him under this article
amount to less than one dollar ($1), and except as provided in subsection
(1) does not require the creditor to account to the consumer for any
portion of a separate charge for insurance because
(a) the insurance is terminated by performance of the insurer's
obligation;
(b) the creditor pays or accounts for premiums to the insurer in amounts
and at times determined by the agreement between them; or
(c) the creditor receives directly or indirectly under any policy of
insurance a gain or advantage not prohibited by law.
(3) Except as provided in subsection (2), the creditor shall promptly
make or cause to be made an appropriate refund or credit to the consumer
with respect to any separate charge made to him for insurance if
(a) the insurance is not provided or is provided for a shorter term than
that for which the charge to the consumer for insurance was computed; or
(b) the insurance terminates prior to the end of the term for which it
was written because of prepayment in full or otherwise.
(4) A refund or credit required by subsection (3) is appropriate as to
amount if it is computed according to a method prescribed or approved by
the commissioner of insurance or a formula filed by the insurer with the
commissioner of insurance at least thirty (30) days before the consumer's
right to a refund or credit becomes determinable, unless the method or
formula is employed after the commissioner of insurance notifies the
insurer that he disapproves it.
16a-4-108.(UCCC) Refund or credit required; amount.
(1) Upon prepayment in full of a consumer credit sale or consumer loan
by the proceeds of consumer credit insurance, the consumer or his estate is
entitled to a refund of any portion of a separate charge for insurance
which by reason or prepayment is retained by the creditor or returned to
him by the insurer unless the charge was computed from time to time on the
basis of the balances of the consumer's account.
(2) This article does not require a creditor to grant a refund or credit
to the consumer if all refunds and credits due to him under this article
amount to less than one dollar ($1), and except as provided in subsection
(1) does not require the creditor to account to the consumer for any
portion of a separate charge for insurance because
(a) the insurance is terminated by performance of the insurer's
obligation;
(b) the creditor pays or accounts for premiums to the insurer in amounts
and at times determined by the agreement between them; or
(c) the creditor receives directly or indirectly under any policy of
insurance a gain or advantage not prohibited by law.
(3) Except as provided in subsection (2), the creditor shall promptly
make or cause to be made an appropriate refund or credit to the consumer
with respect to any separate charge made to him for insurance if
(a) the insurance is not provided or is provided for a shorter term than
that for which the charge to the consumer for insurance was computed; or
(b) the insurance terminates prior to the end of the term for which it
was written because of prepayment in full or otherwise.
(4) A refund or credit required by subsection (3) is appropriate as to
amount if it is computed according to a method prescribed or approved by
the commissioner of insurance or a formula filed by the insurer with the
commissioner of insurance at least thirty (30) days before the consumer's
right to a refund or credit becomes determinable, unless the method or
formula is employed after the commissioner of insurance notifies the
insurer that he disapproves it.