SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1994 SESSION

  • | print version

HB 572 Credit life, accident and sickness insurance.

Introduced by: Bernard S. Cohen | all patrons    ...    notes | add to my profiles

SUMMARY:

Credit life, accident and sickness insurance; applications; effective date of insurance. Permits a credit union and its insurer to effect immediate credit insurance coverage if (i) the transaction is effected by mail, telephone or other electronic means (ii) the credit union does not require or consider credit insurance in approving the loan (iii) the credit union, within three days after the loan is made, sends the borrower an approved application form and a notice telling him that the application must be returned or the coverage will be void from the date of its initial inception, and (iv) the full premium is returned to the borrower if the application is not returned.


FULL TEXT

HISTORY