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2010 SESSION

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HB 77 Credit life insurance; disclosure requirement.

Introduced by: R. Lee Ware, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Credit life insurance disclosures. Requires that a debtor, when buying a credit life insurance policy paid in advance or by a single premium, shall be provided with a notice of his right to a refund if the insurance is terminated prior to its scheduled maturity or the insured indebtedness is terminated or paid off early. The same disclosure requirement currently exists for insurance contracts on a debtor paid by a single premium.

SUMMARY AS INTRODUCED:

Credit life insurance disclosures.  Requires that a debtor, when buying a credit life insurance policy purchased in conjunction with a closed end loan, shall be provided with a notice of his right to a refund if the insurance is terminated prior to its scheduled maturity or the insured indebtedness is terminated or paid off early. The same disclosure requirement currently exists for insurance contracts on a debtor paid by a single premium.