16a-4-201.(UCCC) Term of insurance.
(1) Consumer credit insurance provided by a creditor may be subject to
the furnishing of evidence of insurability satisfactory to the insurer.
Whether or not such evidence is required, the term of the insurance shall
commence no later than when the consumer becomes obligated to the creditor
or when the consumer applies for the insurance, whichever is later, except
as follows:
(a) if any required evidence of insurability is not furnished until more
than thirty (30) days after the term would otherwise commence, the term may
commence on the date when the insurer determines the evidence to be
satisfactory; or
(b) if the creditor provides insurance not previously provided covering
debts previously created, the term may commence on the effective date of
the policy.
(2) The originally scheduled term of the insurance shall extend at least
until the due date of the last scheduled payment of the debt except as
follows:
(a) if the insurance relates to an open end credit account, the term
need extend only until the payment of the debt under the account and may be
sooner terminated after at least thirty (30) days' notice to the consumer;
or
(b) if the consumer is advised in writing that the insurance will be
written for a specified shorter time, the term need extend only until the
end of the specified time.
(3) The term of the insurance shall not extend more than fifteen (15)
days after the originally scheduled due date of the last scheduled payment
of the debt unless it is extended without additional cost to the consumer
or as an incident to a deferral, refinancing, or consolidation.
16a-4-201.(UCCC) Term of insurance.
(1) Consumer credit insurance provided by a creditor may be subject to
the furnishing of evidence of insurability satisfactory to the insurer.
Whether or not such evidence is required, the term of the insurance shall
commence no later than when the consumer becomes obligated to the creditor
or when the consumer applies for the insurance, whichever is later, except
as follows:
(a) if any required evidence of insurability is not furnished until more
than thirty (30) days after the term would otherwise commence, the term may
commence on the date when the insurer determines the evidence to be
satisfactory; or
(b) if the creditor provides insurance not previously provided covering
debts previously created, the term may commence on the effective date of
the policy.
(2) The originally scheduled term of the insurance shall extend at least
until the due date of the last scheduled payment of the debt except as
follows:
(a) if the insurance relates to an open end credit account, the term
need extend only until the payment of the debt under the account and may be
sooner terminated after at least thirty (30) days' notice to the consumer;
or
(b) if the consumer is advised in writing that the insurance will be
written for a specified shorter time, the term need extend only until the
end of the specified time.
(3) The term of the insurance shall not extend more than fifteen (15)
days after the originally scheduled due date of the last scheduled payment
of the debt unless it is extended without additional cost to the consumer
or as an incident to a deferral, refinancing, or consolidation.
16a-4-201.(UCCC) Term of insurance.
(1) Consumer credit insurance provided by a creditor may be subject to
the furnishing of evidence of insurability satisfactory to the insurer.
Whether or not such evidence is required, the term of the insurance shall
commence no later than when the consumer becomes obligated to the creditor
or when the consumer applies for the insurance, whichever is later, except
as follows:
(a) if any required evidence of insurability is not furnished until more
than thirty (30) days after the term would otherwise commence, the term may
commence on the date when the insurer determines the evidence to be
satisfactory; or
(b) if the creditor provides insurance not previously provided covering
debts previously created, the term may commence on the effective date of
the policy.
(2) The originally scheduled term of the insurance shall extend at least
until the due date of the last scheduled payment of the debt except as
follows:
(a) if the insurance relates to an open end credit account, the term
need extend only until the payment of the debt under the account and may be
sooner terminated after at least thirty (30) days' notice to the consumer;
or
(b) if the consumer is advised in writing that the insurance will be
written for a specified shorter time, the term need extend only until the
end of the specified time.
(3) The term of the insurance shall not extend more than fifteen (15)
days after the originally scheduled due date of the last scheduled payment
of the debt unless it is extended without additional cost to the consumer
or as an incident to a deferral, refinancing, or consolidation.