2018 Oklahoma Statutes
Title 14A. Consumer Credit Code
§14A-4-110. Charge for insurance in connection with a deferral, refinancing, or consolidation - Duplicate charges.

(1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral (Section 2-204 or Section 3-204), a refinancing (Section 2-205 or Section 3-205), or a consolidation (Section 2-206 or Section 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 (Section 4-108); and

(d)the charge does not exceed the amount permitted by this article (Section 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.

Added by Laws 1969, c. 352, § 4-110, eff. July 1, 1969.

Disclaimer: These codes may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.