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1999 SESSION

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SB 982 Credit cards; charges for credit insurance after cancellation.

Introduced by: Warren E. Barry | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Credit cards; charges for credit insurance after cancellation of further credit privileges. Prohibits credit card issuers canceling credit privileges under a credit agreement from continuing to add, assess or accrue any charge or charges for credit insurance beyond the effective date of the credit privilege cancellation. The prohibition is imposed irrespective of whether (i) the creditor imposed or the borrower requested such cancellation, or (ii) a balance is due under the credit agreement when further credit privileges are canceled. Moreover, any such credit insurance will be deemed canceled concurrent with the cancellation of credit privileges unless the borrower (i) expressly requests its continuation in writing and (ii) authorizes the creditor to add, assess or accrue charges therefor.


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