16a-4-301.(UCCC) Property insurance.
(1) A creditor may not contract for or receive a separate charge for
insurance against loss of or damage to property unless
(a) the insurance covers a substantial risk of loss of or damage to
property related to the credit transaction;
(b) the amount, terms, and conditions of the insurance are reasonable in
relation to the character and value of the property insured or to be
insured; and
(c) the term of the insurance is reasonable in relation to the terms of
credit.
(2) The term of the insurance is reasonable if it is customary and does
not extend substantially beyond a scheduled maturity.
(3) A creditor may not contract for or receive a separate charge for
insurance against loss of or damage to property unless property is
purchased pursuant to a credit card or in a transaction pursuant to open
end credit, or unless the amount financed exclusive of charges for the
insurance is $900 or more, and the
value of the
property is $900 or more.
History: L. 1973, ch. 85, § 76;
L. 1999, ch. 107, § 24; July 1.
16a-4-301.(UCCC) Property insurance.
(1) A creditor may not contract for or receive a separate charge for
insurance against loss of or damage to property unless
(a) the insurance covers a substantial risk of loss of or damage to
property related to the credit transaction;
(b) the amount, terms, and conditions of the insurance are reasonable in
relation to the character and value of the property insured or to be
insured; and
(c) the term of the insurance is reasonable in relation to the terms of
credit.
(2) The term of the insurance is reasonable if it is customary and does
not extend substantially beyond a scheduled maturity.
(3) A creditor may not contract for or receive a separate charge for
insurance against loss of or damage to property unless property is
purchased pursuant to a credit card or in a transaction pursuant to open
end credit, or unless the amount financed exclusive of charges for the
insurance is $900 or more, and the
value of the
property is $900 or more.
History: L. 1973, ch. 85, § 76;
L. 1999, ch. 107, § 24; July 1.
16a-4-301.(UCCC) Property insurance.
(1) A creditor may not contract for or receive a separate charge for
insurance against loss of or damage to property unless
(a) the insurance covers a substantial risk of loss of or damage to
property related to the credit transaction;
(b) the amount, terms, and conditions of the insurance are reasonable in
relation to the character and value of the property insured or to be
insured; and
(c) the term of the insurance is reasonable in relation to the terms of
credit.
(2) The term of the insurance is reasonable if it is customary and does
not extend substantially beyond a scheduled maturity.
(3) A creditor may not contract for or receive a separate charge for
insurance against loss of or damage to property unless property is
purchased pursuant to a credit card or in a transaction pursuant to open
end credit, or unless the amount financed exclusive of charges for the
insurance is $900 or more, and the
value of the
property is $900 or more.
History: L. 1973, ch. 85, § 76;
L. 1999, ch. 107, § 24; July 1.
