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2017 Indiana Code
TITLE 24. Trade Regulation
ARTICLE 4.5. UNIFORM CONSUMER CREDIT CODE
CHAPTER 4. Insurance
24-4.5-4-110. Charge for insurance connection with a deferral, refinancing, or consolidation; duplicate charges

Universal Citation:
IN Code § 24-4.5-4-110 (2017)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
IC 24-4.5-4-110 Charge for insurance connection with a deferral, refinancing, or consolidation; duplicate charges

     Sec. 110. (1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral (IC 24-4.5-2-204 or IC 24-4.5-3-204), a refinancing (IC 24-4.5-2-205 or IC 24-4.5-3-205), or a consolidation (IC 24-4.5-2-206 or IC 24-4.5-3-206), unless:

(a) the debtor agrees at or before the time of the deferral, refinancing, or consolidation that the charge may be made;

(b) the debtor is or is to be provided with insurance for an amount or a term, or insurance of a kind, in addition to that to which he would have been entitled had there been no deferral, refinancing, or consolidation;

(c) the debtor receives a refund or credit on account of any unexpired term of existing insurance in the amount that would be required if the insurance were terminated (IC 24-4.5-4-108); and

(d) the charge does not exceed the amount permitted by this chapter (IC 24-4.5-4-107).

     (2) A creditor may not contract for or receive a separate charge for insurance which duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.

Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.152-1986, SEC.66.

 

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