427.160. Insurance not required.
Insurance not required.
427.160. A creditor is not required to purchase collateral protectioncoverage or to otherwise insure collateral. A creditor shall not be liableto a debtor or to any other person for failure to purchase collateralprotection coverage, as a result of the amount or level of coverage ofcollateral protection coverage purchased by the creditor, or because thecreditor purchased collateral protection coverage that protects only theinterests of the creditor or less than all of the interests of the debtor.Sections 427.110 to 427.190 shall not create a cause of action for damageson behalf of the debtor or any other person in connection with theplacement of collateral protection coverage, and violations of thesesections shall not be deemed to violate the standard of care under anycommon law cause of action.
(L. 1997 H.B. 257)